Missing Exchange of Contracts deadline

homeless9

lisyloo said:

have you checked they are on schedule? Some places are behind due to construction workers not going ahead.
personally I think you’ll have less success with 2, cash flow is critical to their business, you are more likely to get a good offer rather than a delay IMO

The property has been built.

I don't really want to ask for more off the price as I already got a good price, but I need more time to think about things as the world has changed massively from 5 weeks ago when I reserved the property. So it's as much to give the seller the option of getting the sale done and the money through within maybe 2 weeks rather than leave me to see how this crisis pans out for me to then potentially ask for £20,000 or more off as the crisis gets worse or I pull out altogether.

I never planned to have a good chunk of cash in the bank after purchasing the house, only a couple of thousand pounds, this has now become a risk in this climate to have such little funds as backup.

I believe the developer is relatively small, it's not bewley, it's not taylor wimpey, persimmon etc. So maybe that makes a difference in how they conduct business.

lisyloo

but How long do you want to see how the crisis pans out?
in a few weeks it will be a lot worse as we haven’t hit the peak.
it will be more like months before we have respite.
I am very pro residential property as it’s pretty much a mathematical certainty but if this is going to give you sleepless nights for months and years to come then I think you should consider walking away.
its unlikely you’ll have a more positive in a few weeks, in fact short term things will be dreadful and we’ll all have to hold our nerve.
BUT weren’t you the person who got a great deal to get you out of negative equity????
if this improves your situation by £40k then why wouldn’t you do it??
the risks i.e. job, negative equity presumably already exist for you so you won’t save yourself from those risks.
can you explain what additional risks you think there is here by exchanging properties and having less negative equity?

BTW - the premium for buying when the economies doing great, everyone’s happy, migrants are desperate to come and there’s no risk is sky high prices, ironically the ones you’ve been moaning about.
thats not a dig, but you need to recognise that when things pick up and people can see the risk is gone, prices will rise and in your situation (which I believe is complicated by negative equity) you won’t be able to get something sorted if there are other people pipping you to the post.

whats the situation with your income? Is your role secure going forward?

homeless9

lisyloo said:

but How long do you want to see how the crisis pans out?
in a few weeks it will be a lot worse as we haven’t hit the peak.
it will be more like months before we have respite.
I am very pro residential property as it’s pretty much a mathematical certainty but if this is going to give you sleepless nights for months and years to come then I think you should consider walking away.
its unlikely you’ll have a more positive in a few weeks, in fact short term things will be dreadful and we’ll all have to hold our nerve.
BUT weren’t you the person who got a great deal to get you out of negative equity????
if this improves your situation by £40k then why wouldn’t you do it??
the risks i.e. job, negative equity presumably already exist for you so you won’t save yourself from those risks.
can you explain what additional risks you think there is here by exchanging properties and having less negative equity?

BTW - the premium for buying when the economies doing great, everyone’s happy, migrants are desperate to come and there’s no risk is sky high prices, ironically the ones you’ve been moaning about.
thats not a dig, but you need to recognise that when things pick up and people can see the risk is gone, prices will rise and in your situation (which I believe is complicated by negative equity) you won’t be able to get something sorted if there are other people pipping you to the post.

whats the situation with your income? Is your role secure going forward?

I appreciate advice, but this is the 2nd time you have come back to me with something inaccurate. You keep giving advice to me without properly reading my posts. 

No - I am not this person you talk about who was £40k in negative equity.

+ I disagree that we are 3 weeks away from the peak. The peak will likely come within the next 5 days.

Sailtheworld

If you're worried about buying don't buy. If you want to delay then discuss with the developer to see what can be agreed.

lisyloo

I’m sorry I mixed you up with someone else

i hope whatever you decide works out well.