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FTB ready to exchange contracts - feeling the blues due to Covid-19 and potential depression
Comments
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I am still excited about the prospect of moving to our new home. I know there might be a few bumps in the road ahead but we will do our best to overcome them if we can.Beck1987 said:I went ahead.
The general consensus on this forum is if you are investing, pull out
If it is a house for a long term, go ahead, in 6-10 years house prices will recover
Housing is a basic need. We need to move, even in a pandemic.
Cheers guys
This house we are buying is 99.9% our forever home. If it was short term I would drop out but it is not.0 -
Yep, we were due to exchange today and complete Wednesday. Now due to a potential lock down the solicitors have agreed a simultaneous exchange/completion. I hate the idea of this, but come Wednesday this is what we will be doing unless we go into lock down and then we aren't moving until the lock down is over. It is our 'until I'm carried out in a box' home though, so don't really care if the market drops for a bit.I am a Protection Adviser. You should note that this site doesn't check my status as a Protection Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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it seems to be the sensible thing to do, exchange and completion around the same time.fullofcold said:Yep, we were due to exchange today and complete Wednesday. Now due to a potential lock down the solicitors have agreed a simultaneous exchange/completion. I hate the idea of this, but come Wednesday this is what we will be doing unless we go into lock down and then we aren't moving until the lock down is over. It is our 'until I'm carried out in a box' home though, so don't really care if the market drops for a bit.
As you said, you might never know what its bound to happen, if the house is right for you, then buy it.
Are you willing to wait another 6 months to find another house, at a lower value?
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I have pulled out of my purchase today. I cannot spend £330k on a house that might lose 20% or moreI was a buy to let purchase so different to yours. As you are selling and buying its not so bad as one goes down so would the other you sell
I didnt guzunder though. I dont think that is right. I just set out reasons
1. likely price drops in coming year , with too much uncertainty
2. I cannot be stuck with a non paying tenant, and no ability to evict at present
3. I want to see what the future fixed rates look like
Im hoping for an ex btl bargain next year when the landlords start running for the hills and selling0
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