No Deal and your transaction

gab3x

I am waiting to exchange (could happen today) but I am starting to worry that the severe disruption of No Deal could cause systemic bank failure in early Jan (when we are scheduled to Complete) and as a result transaction might fail and I might be liable for damages.

How is No Deal affecting your transaction?

p.s. yes I know we don't have a confirmed No Deal but let's face it this is the most likely outcome

princeofpounds

Are you joking? There may be some trade-related disruption, as customs checks and tariffs that previously didn't apply come into effect. There isn't going to be systemic bank failure. There's far too much scaremongering in the media at the moment.

gab3x

princeofpounds said:

Are you joking? There may be some trade-related disruption, as customs checks and tariffs that previously didn't apply come into effect. There isn't going to be systemic bank failure. There's far too much scaremongering in the media at the moment.

Are you at the moment involved in a transaction? I am asking because your attitude to risk might be different if you had hundreds of thousands of pounds of your money on the table.

grumiofoundation

gab3x said:

princeofpounds said:

Are you joking? There may be some trade-related disruption, as customs checks and tariffs that previously didn't apply come into effect. There isn't going to be systemic bank failure. There's far too much scaremongering in the media at the moment.

Are you at the moment involved in a transaction? I am asking because your attitude to risk might be different if you had hundreds of thousands of pounds of your money on the table.

If you are worried about anything going wrong between exchange and completion why not exchange and complete on the same day? 

princeofpounds

gab3x said:

princeofpounds said:

Are you joking? There may be some trade-related disruption, as customs checks and tariffs that previously didn't apply come into effect. There isn't going to be systemic bank failure. There's far too much scaremongering in the media at the moment.

Are you at the moment involved in a transaction? I am asking because your attitude to risk might be different if you had hundreds of thousands of pounds of your money on the table.

I'm involved in international transactions almost every single day. Many of which involve deep analysis of banks.

gab3x

grumiofoundation said:

If you are worried about anything going wrong between exchange and completion why not exchange and complete on the same day? 

My buyers need 2 weeks from exchange to completion to draw their Help to Buy ISA funds

davidmcn

Why on earth do you think it might cause a "systemic bank failure"? People have been preparing for the risk of no deal since... Well, certainly since Boris said it would be a chance in a million... 

Mickey666

Anyone remember the Millennium Bug disaster that was going to crash every computer on the planet and wreck all our critical institutions?  No?  Exactly

gab3x

davidmcn said:

Why on earth do you think it might cause a "systemic bank failure"? People have been preparing for the risk of no deal since... Well, certainly since Boris said it would be a chance in a million... 

I guess I am lacking that good ol common sense

caprikid1

gab3x said:

I am waiting to exchange (could happen today) but I am starting to worry that the severe disruption of No Deal could cause systemic bank failure in early Jan (when we are scheduled to Complete) and as a result transaction might fail and I might be liable for damages.

How is No Deal affecting your transaction?

p.s. yes I know we don't have a confirmed No Deal but let's face it this is the most likely outcome

Are you Crashy ?

Salemicus

The risk of a no-deal Brexit is priced in to the market, and has been for some time. It isn't some black swan. If it had a significant chance of causing systemic bank failure, there would already have been a shadow run on the banks, like in 2007. What do you know that the professionals don't?

Besides, it's now 2 weeks to Christmas, so it's too late to do anything about it. You can worry yourself silly about imaginary risks like this, or you can relax and enjoy the festive period. Either way, it will accomplish the same thing.