Exchange now or after brexit plan is finalised?

HampshireH

My two options are:

1) Exchange now and get it done with (before the parliament vote)
2) Exchange in the new year after the government puts forward an amended plan after (presumably) the parliamentary meaningful vote rejects the current deal next Tuesday.

Fussyhumanbeing

If you choose option 2 do you plan on proposing a 30% price drop to your seller?:eek: you haven't proposed walking away so presumeably you feel your seller will bend over backwards to retain your purchase .

I don't think they would be very impressed should you choose to hold out and negotiated 5 months down the line based on something which is less than certain

Erm... no.. I agreed to buy this property in August/September under the illusion that this government would be competent enough to reach a brexit deal

Fussyhumanbeing

Really? There has been speculation since day 1 that this wouldnt happen and all be hunkydory. Did your buyers know you were banking on a good brexit deal before exchange or the deal may hang in the balance?

If the seller can find another buyer in this market then kudos to him, but he probably won't.

Fussyhumanbeing

Houses are selling. Why wouldn't the seller find another buyer...... he found you? Or Is the area you are buying in particularly slow compared to others?

If i was your seller reading this i would be worried you were going to seriously mess me around.

fussyhumanbeing

phill99 wrote: »

If I was the vendor, I would not be waiting for you to deal with your political anxieties. You either exchange or it goes back on the market.

HampshireH wrote: »

If you choose option 2 do you plan on proposing a 30% price drop to your seller?:eek: you haven't proposed walking away so presumeably you feel your seller will bend over backwards to retain your purchase .

I don't think they would be very impressed should you choose to hold out and negotiated 5 months down the line based on something which is less than certain



Really? There has been speculation since day 1 that this wouldnt happen and all be hunkydory. Did your buyers know you were banking on a good brexit deal before exchange or the deal may hang in the balance?



Houses are selling. Why wouldn't the seller find another buyer...... he found you? Or Is the area you are buying in particularly slow compared to others?

If i was your seller reading this i would be worried you were going to seriously mess me around.

I think what you are failing to understand is that buying a house is the single most important decision I will make. I'm a first time buyer.

I will obviously not pull out, but the only scenario where I will consider pulling out would be if it looks like !!!! will really hit the fan and the prices will indeed drop 30%. I don't think you can blame me for wanting to delay by a couple of weeks in this absolute disaster of a political spectrum.

HampshireH

fussyhumanbeing wrote: »

I think what you are failing to understand is that buying a house is the single most important decision I will make. I'm a first time buyer.

I will obviously not pull out, but the only scenario where I will consider pulling out would be if it looks like !!!! will really hit the fan and the prices will indeed drop 30%. I don't think you can blame me for wanting to delay by a couple of weeks in this absolute disaster of a political spectrum.

Not at all but it isn't new and was certainly reported on before you offered (or around that time).

Carney (as mentioned above) made comments back in August where a 30% decline was reported on. This was then picked up again in September.

We knew in June that any Brexit deal was unlikely till the end of the year.

Full time lines of key dates were available in August - example;
https://www.bbc.co.uk/news/uk-politics-44374613

Just seems a bit late in the day to start thinking about it when the information was readily available and highly speculated about well in advance.

I am not failing to miss your point. However the research could have been done prior to putting an offer in and *potentially* messing someone around for several months.

I have been a 1st time buyer this year - I too took it all into consideration.

What is currently holding up your exchange date - is it the process, chain, you or your sellers?

hazyjo

I'm with HampshireH. I think you're totally falling for the hype. To you, it's huge. To us (and quite possibly your vendor), it's just 'the next thing'. Been through two major recessions. Not homeless, still got the shirt on my back, and haven't 'lost' any money.


If you don't need to sell any time soon after buying, I don't get the worry.


I really don't see what difference a couple of weeks will make. Nobody will know the impact until the next couple of years.


If you're that spooked, just pull out and start again in 2 or 3years. Honestly - there is no other option. But don't be surprised if there's some other 'disaster' looming that threatens a recession.


What size deposit do you have? What is it you're scared of - is it just that you think you could buy the same house in say a few months' or years' time for less money? Is that the one thing that's spooking you?

fairy_lights

fussyhumanbeing wrote: »

I will obviously not pull out

No, but the vendor might. If you refuse to exchange until brexit is sorted you're going to look like a timewaster and I wouldn't be at all surprised if they put the property back on the market in the meantime.

fussyhumanbeing

hazyjo wrote: »

I'm with HampshireH. I think you're totally falling for the hype. To you, it's huge. To us (and quite possibly your vendor), it's just 'the next thing'. Been through two major recessions. Not homeless, still got the shirt on my back, and haven't 'lost' any money.


If you don't need to sell any time soon after buying, I don't get the worry.


I really don't see what difference a couple of weeks will make. Nobody will know the impact until the next couple of years.


If you're that spooked, just pull out and start again in 2 or 3years. Honestly - there is no other option. But don't be surprised if there's some other 'disaster' looming that threatens a recession.


What size deposit do you have? What is it you're scared of - is it just that you think you could buy the same house in say a few months' or years' time for less money? Is that the one thing that's spooking you?

If the property prices fell by 30% after March - then my current mortgage amount (240k) would be almost double what it would be if I purchased during the crash (120k). That is almost doubling the loan amount . Is waiting a couple of weeks worth potentially having to borrow 100k less in a doomsday scenario, IMO, yes.

Surrey_EA

fussyhumanbeing wrote: »

If the property prices fell by 30% after March - then my current mortgage amount (240k) would be almost double what it would be if I purchased during the crash (120k). That is almost doubling the loan amount . Is waiting a couple of weeks worth potentially having to borrow 100k less in a doomsday scenario, IMO, yes.

Prices don't just fall 30% overnight, even in a doomsday scenario!

There is no chance whatsoever that prices are going to fall by 30% in a couple of weeks time.

Even Mark Carney has said that the 30% figure quoted is not a prediction.

hazyjo

fussyhumanbeing wrote: »

Is waiting a couple of weeks worth potentially having to borrow 100k less in a doomsday scenario, IMO, yes.

Surrey_EA wrote: »

Prices don't just fall 30% overnight, even in a doomsday scenario!

There is no chance whatsoever that prices are going to fall by 30% in a couple of weeks time.

Surrey_EA is right and has pretty much said all I would. It simply will not happen that quickly. Not in a million...

PhilE

ciderboy2009 wrote: »

Also, forget about the possibility of a second referendum - it will never happen as it would be political suicide.

Economic suicide may have just been made, political suicide may be cheaper for us.

PhilE

fussyhumanbeing wrote: »

Erm... no.. I agreed to buy this property in August/September under the illusion that this government would be competent enough to reach a brexit deal. You can't blame buyers for hesitancy given the state of political turmoil - I don't think it has ever been as tumultuous.

It was worse during and after WW2. Fortunately, a trade deal was put in place that helped ensure peace in Europe for the first time in hundreds of years.