FTB ready to exchange contracts - feeling the blues due to Covid-19 and potential depression

SimonBck

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

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. 
This house we are buying is 99.9% our forever home. If it was short term I would drop out but it is not. 

fullofcold

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.

Beck1987

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.

it seems to be the sensible thing to do, exchange and completion around the same time.

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?

[Deleted User]

I have pulled out of my purchase today. I cannot spend £330k on a house that might lose 20% or more 

I 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 selling