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House purchase, Brexit, help pleaseeee, should we pull out?

(37 Posts)
spg Mon 27-Jun-16 11:17:11

I am hoping to get some perspective / MN wisdom rubbing off me..

We had an offer accepted and post survey agreed a price and over the last month had repeatedly tried to request for a visit to walk boundaries and to check a few niggles before agreeing on an exchange date..however, sellers were adamant they will not allow access until exchange happens..
It went on like that for a month and purely with the intention of breaking the impasse, we took the step to say : ok, we will forego the request for access and talk of an exchange date .. Nothing has progressed as such..Nothing signed, no monies exchanged

And now comes the Brexit shocker !!
The fact is that the area we are buying in has seen a bubble and the very road has seen 20% rise over the last 2 years and an identical house next door in identical condition (with a slightly bigger garden) sold for 25% less than the price we are paying, 2.5 years ago.

We went at the asking price. At that point (Apr 16), hadn't considered Brexit. we are planning to do works worth of 15% of the price.
It is not our forever house. We will be selling in 4-5 yrs.

From all the data, it looks like we will be buying at what would be a peak.
I am getting very nervous now about a crash and after spending a significant amount on the property, if we will be in negative equity, in 4-5 years time..!!!

Should we pull out?

Please help me to get some perspective here..

spg Mon 27-Jun-16 11:24:00

Just to add: we are chain free, currently renting and have deposit, mortgage all sorted.

StiickEmUp Mon 27-Jun-16 11:28:50

I only read as far as the boundary issue.

Clarify for me - are they saying that they will not allow access for you to determine the ACTUAL boundaries until after exchange ?

If the is correct they are hiding something and on that basis pull out.

Lonecatwithkitten Mon 27-Jun-16 11:32:21

Forget Brexit. I agree why will they not let you check that the boundaries match the deeds. This would have me runner no for hills.

Sleepybunny Mon 27-Jun-16 11:35:21

Regardless of the Brexit it does sound a bit risky to me to spend 15% on work if you plan on selling in 4-5 years.
Could you make it a forever house if there was a crash, or would that not be possible?
I also would wonder why the vendors are being so cadgy about a visit?

StiickEmUp Mon 27-Jun-16 11:37:15

We've moved house 3 weeks ago and or solicitor made it clear several times we must make sure ourselves the boundaries on the deeds and raise it with them if different.

There was one thing we had which was an old foot path running behind the gardens.

The deeds didn't show it but it's there.

Not a problem for us, can't be opened up again etc BUT had we not known and had it investigated it would have been surprising.

spg Mon 27-Jun-16 11:39:14

There has been a wraparound extension on this property and a garage extension on the neighbouring property. The survey pointed out that there is some point where the walls seem to touch and that we should verify the legal status of the same. However, the searches and the useless solicitor haven't been able to advice on this at all. I approached the council and went and had a look at the microfiche slides of the extension plans and simply cannot conclude if the walls are shared or are touching..
and taking a drive past, looking at aerial maps have not been useful either..
We stayed at the same point for one month...
so, even before Brexit, this was a niggle..But, now, the potential crash etc is more worrying..!!

StiickEmUp Mon 27-Jun-16 11:46:27

And the sellers won't let you go and look at it?

Yes, pull out. Dodgy

BarmySmarmy Mon 27-Jun-16 11:47:07

No way would I exchange, or progress, with vendors who will not allow you to visit, view and sort this out first!

And I would be suspicious of their delaying and messing about.

spg Mon 27-Jun-16 11:51:37

Yes, thats right. The sellers won't alllow us in, for even 10 mins.
There reason has been that that they gave us a price reduction of 10K and so will not allow access until exchange.
The reduction of 10K was for post survey findings: the entire roof needed replacement and there are stretches of 20+ yrs old flat roofs, full rewiring, and springy floors with a potential sub-floor problem...
there are loads of other things that were apparent at viewing times: kitchen, bathrooms; but the survey findings were not apparent to us; so, we had to negotiate on the price.

They are buying elsewhere and are in a short chain; we are in rented and are chain free.

StiickEmUp Mon 27-Jun-16 11:55:17

Thanks for clarifying.

Wankers, complete wankers.

Tell them to pee off.

I can't think of one scenario (forget home, its cheap) that makes me want to but this place.

There is an issue.

I welcomed my buyer back twice and I was welcomed 3 times to my new house.

If you want to sell you will.

And their EA will be pissed off too.

What do they say about the no??

HarlettOScara Mon 27-Jun-16 11:55:42

I wouldn't proceed without verifying that boundary issue. That would be a bigger deal breaker than Brexit for me.

poochiepants Mon 27-Jun-16 11:55:57

I agree that, regardless of Brexit, don't touch it - why so unhelpful if everything is OK? This may be the first thing that Brexit has done which is for the good.....and as it's not your forever home, then there won't be too much emotional tie to it anyway. Good luck!

StiickEmUp Mon 27-Jun-16 11:56:33

Forget home it's cheap!

That was meant to say forever home/ it's cheap

It was meant to be a short list of good reasons to over look the fact you can't go back

poochiepants Mon 27-Jun-16 11:57:32

Oh, and plans v reality of the walls situation? Plans can be ignored.....

sequinsandwich Mon 27-Jun-16 12:01:22

I wouldn't risk it for only 4-5 years

HoggleHoggle Mon 27-Jun-16 12:03:04

No way on earth would I be buying this house. You would be really foolish to buy a house when you can't be sure of the boundary and whether it was built as it should be.

sparechange Mon 27-Jun-16 12:05:25

Forget Brexit, run for the hills!
The sellers sound dodgy as hell, and also rather bitter
But in light of Brexit, don't expect to have masses of new houses coming on the market in the next few months

Pendu Mon 27-Jun-16 12:11:57

Yeah I second that the house sounds dodgy anyway , never mind brexit. I would however hold off if you are in a strong position to see if the prices drop, but you also risk finding it harder to get a mortgage . It's personal choice - if you plan to resell or whether it's long term.

JT05 Mon 27-Jun-16 12:15:32

We gave a much more substantial reduction on our recently sold house and the buyer paid 10 visits with bits of family and builders! We had nothing to hide, but she wanted to re model.

Admittedly we had had enough by visit no 8 and only allowed the last 2 post exchange!

There's something wrong here. Demand a pre exchange visit for at least 30 mins, or pull out!

BeYourselfUnlessUCanBeAUnicorn Mon 27-Jun-16 12:21:00

I would have been suspicious straight away when they wouldn't let you check the boundaries. Alarm bells would have rung and I would have issued an ultimatum. They are clearly hiding something.

I'd pull out as it's not a long term home anyway.

TanTanNubuck Mon 27-Jun-16 12:23:35

Sellers ABU. Pull out for that reason alone. No Brexit to consider here.

glassgarden Mon 27-Jun-16 12:25:29

Tell them you won't exchange without seeing the place

I'd be concerned about buying at the top in any case

specialsubject Mon 27-Jun-16 12:37:20

Sounds like an overpriced money pit to me!

This morning it seems that interest rates may go even lower, or not. Whether that will actually make mortgages cheaper remains to be seen.

But this house still sounds a bad idea even if the EU loved us.

whois Mon 27-Jun-16 14:45:15

Brexit is the minor point here - what kind of knob head vendors wont allow access to check the boundary issue.

Well dodge.

I would not proceed on that basis.

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