Will 'lockdown' effect house purchases?

Thrugelmir

Mr87 said:

Thrugelmir said:

Mr87 said:

Speak to your conveyencer... and let us know the outcome! @Thrugelmir no disrespect intended, but how do you know? 

Not sure how much clearer the message can be. 
"From this evening people must stay at home except for shopping for basic necessities, daily exercise, any medical need and travelling to and from essential work."

Absolutist positions are rarely helpful. People are still working, and that includes people who have to continue to travel to work. Completing a home purchase so you don't have to live on the street seems like a reasonable provision. Of course, you couldn't have an exhaustive list of exceptions otherwise it would be the longest Q&a ever 😉

Ignorance is bliss

davidmcn

Mr87 said:

Thrugelmir said:

Mr87 said:

Speak to your conveyencer... and let us know the outcome! @Thrugelmir no disrespect intended, but how do you know? 

Not sure how much clearer the message can be. 
"From this evening people must stay at home except for shopping for basic necessities, daily exercise, any medical need and travelling to and from essential work."

Completing a home purchase so you don't have to live on the street seems like a reasonable provision.

We've had a variety of people posting about this over the past week or two, but I can't recall any who have to complete a house purchase to avoid living on the street.

PasturesNew

I don't see how they'd muck up their mates' trade ... all those rich banker types, with a huge vested interest in property - and protecting the property purchase/sale chain. 

Banks will operate. Solicitors are not retail shops, so potentially not closed... and operating from home maybe by now.

It is possible that it'll turn out that many can complete... and the act of physically moving would then be the only hard bit for most. 

Mr87

davidmcn said:

Mr87 said:

Thrugelmir said:

Mr87 said:

Speak to your conveyencer... and let us know the outcome! @Thrugelmir no disrespect intended, but how do you know? 

Not sure how much clearer the message can be. 
"From this evening people must stay at home except for shopping for basic necessities, daily exercise, any medical need and travelling to and from essential work."

Completing a home purchase so you don't have to live on the street seems like a reasonable provision.

We've had a variety of people posting about this over the past week or two, but I can't recall any who have to complete a house purchase to avoid living on the street.

So the person who posted on this thread, not OP, is your first case. It doesn't take a huge amount of imagination to think of a scenario of a private tenancy coming to an end with the expectation of moving into home ownership. Of course , if you followed the letter of advice, if your house purchase didn't complete post exchange, you wouldn't be allowed to live with family. Just to play devil's advocate. I just think we shouldn't be encouraging people to worry unnecessarily in what is already a very stressful period of their lives. 

Mr87

Thrugelmir said:

Mr87 said:

Thrugelmir said:

PasturesNew said:

Banks will operate. Solicitors are not retail shops, so potentially not closed... and operating from home maybe by now.

Watched the pictures from Spain's hospitals? Is that the consequence you wish to see here. Time to get real and wake up to the inconvenient truth. 

I think you've gone a bit off piste here. Nobody thinks those things are desirable. The qn is whether house purchases will happen. I think they will l , possibly with minor delays depending on what agreements are struck between parties. 

Desirable? An interesting choice of word. Given that if people are incapable of following a very basic instruction. That's what the UK faces. 
A few weeks of agreed delay is a mere inconvenience in comparison. I'll happily remain off piste.  

You literally asked the question whether I / others wanted to see the consequences occurring in Spain's hospitals to happen here. I said 'nobody thinks those things are desirable'... if you wish, I will modify and say 'nobody wants that to happen'. You also accused me of ignorance, which I ignored. I asked a fair question and challenged your answer. Appeals to emotion do not answer the original question.

annetheman

Mr87 said:

davidmcn said:

Mr87 said:

Thrugelmir said:

Mr87 said:

Speak to your conveyencer... and let us know the outcome! @Thrugelmir no disrespect intended, but how do you know? 

Not sure how much clearer the message can be. 
"From this evening people must stay at home except for shopping for basic necessities, daily exercise, any medical need and travelling to and from essential work."

Completing a home purchase so you don't have to live on the street seems like a reasonable provision.

We've had a variety of people posting about this over the past week or two, but I can't recall any who have to complete a house purchase to avoid living on the street.

So the person who posted on this thread, not OP, is your first case. It doesn't take a huge amount of imagination to think of a scenario of a private tenancy coming to an end with the expectation of moving into home ownership. Of course , if you followed the letter of advice, if your house purchase didn't complete post exchange, you wouldn't be allowed to live with family. Just to play devil's advocate. I just think we shouldn't be encouraging people to worry unnecessarily in what is already a very stressful period of their lives. 

Not difficult to imagine, this is exactly the position I am in.

My only recourse is asking my landlady to let me stay on a rolling contract until the house purchase is completed. I'll let you know how it goes because if that is not an option, I will definitely be out on the street. I am not moving back in with my 65 year old diabetic NHS doctor dad at this time.

davidmcn

Mr87 said:

davidmcn said:

Mr87 said:

Thrugelmir said:

Mr87 said:

Speak to your conveyencer... and let us know the outcome! @Thrugelmir no disrespect intended, but how do you know? 

Not sure how much clearer the message can be. 
"From this evening people must stay at home except for shopping for basic necessities, daily exercise, any medical need and travelling to and from essential work."

Completing a home purchase so you don't have to live on the street seems like a reasonable provision.

We've had a variety of people posting about this over the past week or two, but I can't recall any who have to complete a house purchase to avoid living on the street.

So the person who posted on this thread, not OP, is your first case. It doesn't take a huge amount of imagination to think of a scenario of a private tenancy coming to an end with the expectation of moving into home ownership. Of course , if you followed the letter of advice, if your house purchase didn't complete post exchange, you wouldn't be allowed to live with family. Just to play devil's advocate. I just think we shouldn't be encouraging people to worry unnecessarily in what is already a very stressful period of their lives. 

So remind them that a tenancy coming to an end doesn't (even in the best of times) mean you're instantly out on the street, and that evictions by landlords are currently suspended? 

ACG

I cant see there being any houses going on the market and I cant see anyone wanting to buy other than people already in a chain. So if you look at supply and demand, there will probably be neither and so house prices should stay fairly static as there will be no evidence of down valuations once things return to normal. 

In the last recession house prices dropped as there were mass redundancies - 10,000 at a time in some companies. The government has stepped in like never before to not just protect banks but most businesses out there. Some business will go under and there will be redundancies, but I cant see it being on the scale of 10 years ago. 

Nobody knows if house prices will drop, personally, I think there will be a little drop but I dont think it will be anything more than maybe 10%. But to be fair if people want to move in 6 months time and nobody is listing, you might even find demand outstrips supply and the opposite happens. 

JustJane101

ACG said:

I cant see there being any houses going on the market and I cant see anyone wanting to buy other than people already in a chain. So if you look at supply and demand, there will probably be neither and so house prices should stay fairly static as there will be no evidence of down valuations once things return to normal. 

In the last recession house prices dropped as there were mass redundancies - 10,000 at a time in some companies. The government has stepped in like never before to not just protect banks but most businesses out there. Some business will go under and there will be redundancies, but I cant see it being on the scale of 10 years ago. 

Nobody knows if house prices will drop, personally, I think there will be a little drop but I dont think it will be anything more than maybe 10%. But to be fair if people want to move in 6 months time and nobody is listing, you might even find demand outstrips supply and the opposite happens. 

My accountant boyfriend agrees with you here, and so do I. But it is a fact that Kensington amongst others have pulled 95% LTav mortgages. 

How long does a mortgage offer last? If I do get my mortgage offer today, will it only be 12 weeks? What happens if they don't allow me to exchange and complete before offer expires? Will they renew the offer now they aren't going 95% mortgages?
This is even saying I do get my offer!  This house means so much to me. It's going to be my home for a very long time so negative equity in the short term isn't a worry of mine. 
I'm sick with worry, I'm anxious. I'm angry that I won't get to see my boyfriend now until all this blows over as he lives 600 miles away. I'm still working as normal which is probably a God send to be honest. I understand nobody has a crystal ball but I cannot cope with not knowing for much longer because there is nothing I can physically do to help my situation. If I lose this house purchase, I will end up waiting a very long time for something this perfect to come up again, especially if the market slows. I need this house otherwise me and my boyfriend will not be able to live together any time in the near future, and our lives are pretty much on hold.   

Mr87

@davidmcn a sensible suggestion. What if a new tenant is lined up? Presume new tenant would then be in a similar position...

@JustJane101 if mortgage lenders are consistent they should continue to offer new business on terms similar to what they were before. This isn't a 2008/09 scenario. Short supply shock to the economy shouldn't (in theory) lead to credit drying up. BoE committed to further QE as necessary, and govt measures to put liquidity into the market. I obtained my first mortgage in the wake of the GFC. The world will go on. 

Only your mortgage lender can answer the question on the offer but it's typically 3-6 months. As you haven't got your offer yet, I wish you luck. Come what may, you'll get through it.