What are the chances....

Firsttimebuyer_25

Exchanged contracts a number of weeks ago on FTB £175000 with 10% mortgage. Due to move week after next. Massively worried about the completion of the purchase and contracts were exchanged before COVID-19 was such a huge crisis. There is no chain just the one sale, but the sellers can move out until next week. Not worried about depreciation after sale as it’s a long term purchase but the big question2 are

Do we think  lenders will pull mortgage offers on the grounds of material change in house prices?

Would house moves be seen at essential in lock down?

Will mortgage lenders be additionally tight on releasing funds?

Thoughts...I can’t sleep at night 

MobileSaver

Firsttimebuyer_25 said:

Do we think  lenders will pull mortgage offers on the grounds of material change in house prices?

What material change in house prices? (A clue: there isn't one and certainly won't be before you Complete.)

AdrianC

The lenders are contractually obliged, too.

How long between exchange and completion? You're definitely 100% certain, that you have exchanged...? Not just signed?

Firsttimebuyer_25

Hi Adrian,

100% certain I have exchanged. Exchanged early Week before last, complete a week on Thursday. Had to exchange early as vendors needed the security the serve notice on tenants  in the house they are moving in to (another house they own) 

Mickygg

There is no material change in house prices that we know of right now. The bank will honour your mortgage I'm sure. If mortgage tightening comes it will be for new mortgages. 

In terms of moving you will need to read guidance that will come out in due course should/when we go into lockdown. Also speak to your removal people and see how they may operate currently.

Firsttimebuyer_25

This is all so reassuring!

No need for removal people, I can see the house from where I’m staying at the moment! 

MovingForwards

Firsttimebuyer_25 said:

This is all so reassuring!

No need for removal people, I can see the house from where I’m staying at the moment! 

You lucky sod! 

Hope your move goes well, worst case is it costs you a refundable £1 and you will be an instant hit on YouTube, walking backwards and forwards with a supermarket trolley containing your possessions 🤫

Firsttimebuyer_25

This has been the joke! Debating if it takes longer to back in to the var and my brothers van rather than just waking across! Shopping trolley is a good shout...

AdrianC

Firsttimebuyer_25 said:

100% certain I have exchanged. Exchanged early Week before last, complete a week on Thursday. Had to exchange early as vendors needed the security the serve notice on tenants  in the house they are moving in to (another house they own) 

Three weeks is not sufficient time for that...

Apart from minimum two months notice on a monthly tenancy, courts are not accepting any possession applications for the next three months.

Firsttimebuyer_25

Hi Adrian,

From what I understand it was family members renting off them so not too formal. People in it are happy to move and leave the 30th. We are due to move the Thursday after, as when initially agreed they wanted a few days to decorate, trying to push for competition to be brought forward now. Fully appreciate the competition date has been set but solicitor said if we all agree it can be done.

I am still very sure we have exchanged