Should I delay the exchange of contract beyond 31 Oct

Jrose1927

It's not a game

Your affecting someone else's future by playing them you've already got 50k off and your still unsure

Drop out now!

phill99

Sweet Mother of God

Soot2006

Penny_Dawson wrote: »

In early October (if not sooner) there is likely be an emergency budget.


There's talk that stamp duty will be slashed on homes above £500k, and scrapped altogether for homes under that value.



I'm surprised more people aren't yet contemplating this.

A lot of us are contemplating this very hard indeed.

However, as we'd already mentally committed to the money, we are not willing to risk our chain over it. Our FTB doesn't pay stamp duty anyway so unwilling to wait. I can understand that.



On the balance of life choices, I think I'd rather be moved and settling in when !!!! hits the fan. And if stamp duty is reduced as the rumours suggest, then I'll be in the same position I have expected to be in for the last 4 months.



If someone higher up the chain suggests waiting, then I am not against it as long as exchange is possible and we don't lose our buyer for it. Ultimately, another buyer might offer less and then we'll be in the same financial position for a different reason! So right now, YES I would love to save £12,000. It's a huge amount of money to me. But, NO it's not enough to risk the sale and consequent delays. Right now, I am really just desperate to exchange and have some security going forwards!

Crashy_Time

Penny_Dawson wrote: »

In early October (if not sooner) there is likely be an emergency budget.


There's talk that stamp duty will be slashed on homes above £500k, and scrapped altogether for homes under that value.



I'm surprised more people aren't yet contemplating this.

https://inews.co.uk/news/politics/boris-johnson-plans-to-switch-stamp-duty-from-buyer-to-seller-how-his-property-plan-would-work/

Tony_Par

I think after we leave the eu and our country is thriving there we be a ton of buyers out there offering more than you. I would get it done asap!

Vestra

Not a chance I would be buying a £550k flat in this falling market, especially in London, unless you fancy being in negative equity.

specialhat

Vestra wrote: »

Not a chance I would be buying a £550k flat in this falling market, especially in London, unless you fancy being in negative equity.

That depends how much equity you have.

Grenage

Politicians are !!!!!!!s for suggesting stamp duty changes; they should be absolutely clear on what's happening and when - or stay quiet.

opteron

Vestra wrote: »

Not a chance I would be buying a £550k flat in this falling market, especially in London, unless you fancy being in negative equity.

It's actually OK for me to buy in a moderately falling market.
I'm a FTB, currently renting a flat in central London paying 20k per year rent. For me, paying 20k rent every year is financially equivalent to owning a flat whose value drops 20k per year. On the top of that, the flat I'm buying is better than the flat I'm currently renting.

That said, I'm still worried about a potential property market crash in case of a no-deal Brexit.

My solicitor is waiting for the results of searches. I guess the contract will not be ready for exchange until late August or early September. The rumoured stamp duty reform proposed by BJ sounds pretty good to me. Whether deal or no-deal and whether I renegotiate the price or not, I wouldn't say no to an instant saving due to stamp duty change.

At the moment I'm more inclined to tell the Real Estate Agent I'd like to wait for the BJ's (rumoured) September emergency budget for no-deal Brexit, which is likely to include the stamp duty change.

Lungboy

What emergency September budget?