I wanted to Buy a House In Cash for £600k but am not sure after brexit

Emidb

Dear Sirs,

I wanted to post my question but I was unable saying that I could not pos it. I a new to the forum. So would highly appreciate if you could please advise on the following:

1. I am almost to exchange contract for buying a house worth almost £595k in cash. The process of my offer and the asking price was all agreed in April this year. The house is in Sutton Coldfield in Birmingham
2. Since Brexit, I have started to get more concerned looking and hearing how things develope. So, I asked the seller to reduce his asking price by £10k which he did after a bit of negotation. Now he says that he is not willing to negotiate further reductions and that he will only proceed with the sale IF we agree to exchance contract before end of this week (29/07/16)
I have been watching news and reading news on the net and I am getting more and more worried whether to buy this house or not to buy as according to the news house prices are going to be affected by up to 30%.

Can you please advise what is the best option for me to do in this case?

Many thanks.

thesaint

What difference would it make if the house was valued 30% lower after you purchased it?

Emidb

Well, don't you think it would make a difference? I will lose a lot of money if I was to resell it. So what do you suggest please?

G_M

I don't blame the seller for putting pressure on you to exchange within a deadline - you are messing him bout.

Either proceed at the agreed price or pull out.

How much do you want/like the property?
Is this to be your home, or an investment?
Is it 'the perfect home', or a compromise?
Could you find another local property, that you liked just as much, for a similar/lower/greater price?
Where do you live now and how desparate are you to move? In rented? With parents? Squatting with friends?
What are your personal circumstances? Boy/girlfriend very keen to move in with you but you need the space? Kids? Single person with just yourself to consider?

All the above and more will influenc your decision.

thesaint

Emidb wrote: »

Well, don't you think it would make a difference?

I don't know if it would make a difference, hence the question.

Emidb wrote: »

I will lose a lot of money if I was to resell it.

When are you looking at reselling it?

Emidb wrote: »

So what do you suggest please?

Not to purchase if the chance of the value going down maybe a problem.

indianabones

thesaint wrote: »

What difference would it make if the house was valued 30% lower after you purchased it?

Is there even a question in your statement? If a property is valued at a significantly lower price in 6 months or 12 months time, surely the difference is you save a substantial amount of money?

Grenage

What if the prices stay the same or go up - why would the seller want to take the risk any more than you? Prices could always go down, or up, or do nothing - admittedly we are in a period of uncertainty, but there will always be something on the horizon.

I would either proceed, or invest my money until I was happy that things had settled; probably in about 3-5 years time.

gardner1

If you dont like the price being asked walk away........but stop messing the seller about

maninthestreet

The OP is still in 'Project Fear' mode...

NYM

Does it really matter? If the value of the property drops by 30% unless he plans to sell and purchase another, it's entirely probable the next property would also have fallen by the same percentage?

Or am I missing something..:o

thesaint

indianabones wrote: »

Is there even a question in your statement? If a property is valued at a significantly lower price in 6 months or 12 months time, surely the difference is you save a substantial amount of money?

So, we are speculating on house prices in 6 months time?