Another COvid-19 House Buying Thread

mmunro2013

What affect will Covid-19 have on house prices here in the UK? Our position:
We have had an offer on a 2 bed bungalow accepted at £275k (this is premium price, above 'normal' market value)
We are cash buyers
We would look to sell our 4 bed detached family house within 3 years (for obvious stamp duty reasons)
We are concerned that we are paying premium for the bungalow but might not get actual value of our 4 bed detached family house due to the impact of Covid-19 on the UK housing market... thoughts please?

Crashy_Time

scoffs93 said:

In two minds on what to do : 

Me and OH pulled out of a house end of last year due to subsidence and have found another one we like after being crushed with the first house. We had our offer accepted a few weeks ago with a mortgage deal of 2.39%, paying full asking price £270k - I am first time buyer, however my partner has two houses already (BTL). The bank valuation came back with possible woodworm so our solicitors are on hold currently, we have a homebuyers survey booked in for this week. We have decided if the  house needs too much work / structural issues we will pull out again 

However, if the report comes back fine, we are in two minds - to carry on with purchase as normal or to pull out again due to current situation and see what happens. WE could potentially buy somewhere bigger and nicer for same amount. Both living with parents currently, my job is in construction (new housing developments) and OH is in car sales so our income could be affected. This was never going to be our 'forever' home, we were always planning on living in it for a few years, starting a family and then finding somewhere bigger.

Really unsure of what to do, although I know nobody has a crystal ball to tell us what the future holds. 
Do we still go ahead with the house if the report is OK, do we try and negotiate or do we pull out and wait for prices to decrease and get something else. 

Wait for prices to decrease, don`t do anything just now.

Davesnave

Crashy_Time said:

scoffs93 said:

In two minds on what to do : 

Me and OH pulled out of a house end of last year due to subsidence and have found another one we like after being crushed with the first house. We had our offer accepted a few weeks ago with a mortgage deal of 2.39%, paying full asking price £270k - I am first time buyer, however my partner has two houses already (BTL). The bank valuation came back with possible woodworm so our solicitors are on hold currently, we have a homebuyers survey booked in for this week. We have decided if the  house needs too much work / structural issues we will pull out again 

However, if the report comes back fine, we are in two minds - to carry on with purchase as normal or to pull out again due to current situation and see what happens. WE could potentially buy somewhere bigger and nicer for same amount. Both living with parents currently, my job is in construction (new housing developments) and OH is in car sales so our income could be affected. This was never going to be our 'forever' home, we were always planning on living in it for a few years, starting a family and then finding somewhere bigger.

Really unsure of what to do, although I know nobody has a crystal ball to tell us what the future holds. 
Do we still go ahead with the house if the report is OK, do we try and negotiate or do we pull out and wait for prices to decrease and get something else. 

Wait for prices to decrease, don`t do anything just now.

Heed this advice. Crashy  knows about waiting; in fact he's waited so long, he's managed to avoid buying altogether!

Having said that, even a stopped clock is right twice a day, and this might just be one of those times, depending on personal circumstances.

wadeo0

Anyone have any advice in the following situation...so we have had a sale/purchase that has been dragging on for a while for various reasons. We have finally come to the end and are agreeing a completion date, with solicitors advising completion and exchange on the same day to the current changing climate. Our buyers can't do until the 20th so we settled for that and let our vendor know. He has come back today saying that is fine but he needs completion TODAY and if we can't he may have to pull out due to tax implications (he is a landlord and was renting it out), he has also claimed he didn't know there was a related purchase which is a lie.

We don't want to exchange before completion for obvious reasons, the vendor has been a joke through this whole process and never mentioned anything about tax implications until now. In fact we had not heard from him or his solicitor for a good few weeks. Part of me thinks he is bluffing to try and get us to bring the date forward but not sure what he would have to gain by doing that. If we don't buy the place I think it is highly unlikely he will find a buyer or a tenant for a long time with everything going on! Any thoughts appreciated!

Crashy_Time

wadeo0 said:

Anyone have any advice in the following situation...so we have had a sale/purchase that has been dragging on for a while for various reasons. We have finally come to the end and are agreeing a completion date, with solicitors advising completion and exchange on the same day to the current changing climate. Our buyers can't do until the 20th so we settled for that and let our vendor know. He has come back today saying that is fine but he needs completion TODAY and if we can't he may have to pull out due to tax implications (he is a landlord and was renting it out), he has also claimed he didn't know there was a related purchase which is a lie.

We don't want to exchange before completion for obvious reasons, the vendor has been a joke through this whole process and never mentioned anything about tax implications until now. In fact we had not heard from him or his solicitor for a good few weeks. Part of me thinks he is bluffing to try and get us to bring the date forward but not sure what he would have to gain by doing that. If we don't buy the place I think it is highly unlikely he will find a buyer or a tenant for a long time with everything going on! Any thoughts appreciated!

I can certainly agree on that point.