No Deal and your transaction

gab3x

caprikid1 said:

Are you Crashy ?

Look I am in the middle of a transaction and asking for people in the same boat as to their thinking. Really not interested in opinions on Brexit as such or jokes on that matter. 

gab3x

Mickey666 said:

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

Are you buying or selling your house at the moment? 

gab3x

Salemicus said:

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. 

I am not talking about the pricing, I am talking about banking system stability. When people start to panic in January we might face a bank run. Remember toilet rolls in 2020? 

grumiofoundation

gab3x said:

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

Using help to buy ISA can still exchange/complete on same day - see question in link below. 

(Obviously this is your buyers and their solicitors issue so you may not be able to do anything about it).

https://www.helptobuyisaadmin.org.uk/conveyancers/faqs

RelievedSheff

This is a wind up right?

GDB2222

The big banks are simply too important to the economy to be allowed to fail. We saw that during the GFC. 

I’d be worried, though, if my money were with a tiny bank that could be allowed to fail. Likewise if I were dependent on a mortgage from a small institution. 

AdrianC

Mickey666 said:

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

Umm, that didn't happen BECAUSE of the extensive planning that was in place beforehand, given that responsible adults recognised there was going to be a problem. "Anti-climax" was precisely the intended outcome.

Can you spot a difference with the forthcoming "Australia-style" no-deal...?

grumiofoundation

gab3x said:

Salemicus said:

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. 

I am not talking about the pricing, I am talking about banking system stability. When people start to panic in January we might face a bank run. Remember toilet rolls in 2020? 

If you believe this you should delay exchange until January. 

Billion pound banking systems and toilet rolls aren’t really comparable though, so I wouldn’t use this reason as your reason for delaying exchange! 

[Deleted User]

Why do you think the banking system will fail?  Yes I saw your comment on a run on the banks but not sure how 'no deal' would cause that.  I realise you are very anxious about this but the thing is, anxiety isn't about logic. You might run out of bake beans after new year, might have to swop from avocados on toast to eggs on toast, but I don't see a run on the banks (and even if there was, there are mechanisms in place to stop the country collapsing as has been shown in the past).  

moneysavinghero

The Bank of England have just allowed banks to start paying dividends again. Hardly something they would likely do if they were expecting a systemic banking failure in a few weeks.