AIBU to pull out of house purchase at the 11th hour due to reeves

Likewise,I thought it was some kind of beastie infestation 🐜🕷️🦟

No, if we had agreed a sale at a price, we'd go through with it. Panic all around though!

No there isn’t. However, from what I know of you, it would be completely out of character to change your mind just short of exchanging on a house sale. The time for that is long gone in this instance.

I would agree with you @BIossomtoes ... But I also (sort of) get the OP's anxieties. I don't think anyone feels completely confident about buying or selling right now. We are thinking through whether we shall move at all, having been telling the world we shall for two years. We like our house, but would prefer it to be closer to family and friends. But we also have deep roots here after almost 40 years. There is no quick slick answer.

Do it! Because the housing shortage is suddenly going to be solved. Immigration plus population expansion will stop and thats going to plunge the price of housing because there will be no demand...🙄

I think there’s a huge difference between selling your house below market rate and someone breaking what could be a lengthy chain days before exchange @Papyrophile. As someone whose buyer once attempted a gazunder literally the day before exchange, this kind of behaviour makes me really angry.

When does anyone do the best thing for anyone else @Lyocell? We all act and decide on the best course of action for ourselves. I am never going to sell my family home to a young family with three kids unless they can find the money to pay the market value... don't delude yourself that I am, or anyone else. The OP has cold feet about a property. Only she can decide whether to proceed.

You are so unbelievably unreasonable and people like you make me so cross. You have made a commitment. You are likely in a chain and other peoples livelihoods are depending on the chain. Don’t fuck up other people so close to exchange for no reason, it’s bloody selfish.

It bothers you so much for a reason clearly. If you make embarrassing electoral choices, just own it. Why the protest.

Tedious

I vote Labour. I said that.

Brainless? No. It's a considered, researched position

Fangirl? You are demonstrating an unpleasant level of arrogance and I also think the word suggests an element of misogyny.

As I said. Arrogant, patronising and snarky. More about you than me.

The Truss situation paling in comparison? Christ, you have a short memory.

www.hfmcwealth.com/why-did-the-mini-budget-nearly-bankrupt-pension-funds/

So the cap does fit.

Because there are no actual figures. The whole thing is speculation.

Online tax calculators that I saw did not describe it that way; figures were based on the whole value of the house. Thousands.

We all just need to knuckle down and wait out the next 4 years, until the next GE.

Tories will get in.

Labour are doing what Labour do, i.e. spend, spend, spend. On what though, I'm not too sure.

It's been 14 years since they were last in, so a whole generation of voters who had never experienced life under Labour. Doubt they will vote them in again.

Of course you are …..

It will be fine, you are over thinking.
If you are worried about paying the mortgage in event of losing your job you can get income protection insurance, ditto insurance against serious ill health or if one of you dies ( not trying to add to your anxieties!)
You will never do anything if you overthink, nothing in life, apart from death, is certain.
Just stress test mortgage payments to see if they go up you'd be OK, although atm rates are falling.
House buying is a long term game and there will be fluctuations but more importantly it's your home and your stability.
When renting a landlord could decide to not renew your contract, sell etc and your rent could easily be as much as a mortgage.
I hope you will be very happy in your new home.

YABUR. You Are Being Utterly Ridiculous.

OP, if you are happy with the house, you should probably go ahead. No Government yet has braved retroactive tax measures.

As I understand it, the new tax regime would only apply to purchases made after its implementation, so if you are completed by the budget in October it certainly won't affect you. It will be quite complex to put in place, so I doubt it will be ready to go straight away, more likely to come in April.

What it does to the property market, who knows, it may help or hinder, apparently estate agents like the idea. to me its overly complex.

And I am certain that my scenario is not what the Chancellor wants to read as a response. We just won't move. We won't free up a lovely family house, we won't pay SDLT, we won't buy new kitchens or curtains (possibly curtains); we will stay put, and pay contract gardeners and the cleaner to do the jobs we can't do any longer.

The great fear of moving 200 miles away is that I don't know anyone who can tell me that X plumber is shocking or Ybuilder's final invoice is always padded. Here, I have all that information at my fingertips. I know which garage to use and which car salesman is fairly honest. I have been amassing this mental file for 35 years, and the older I get, the less sensible it seems to be to move away.

See my previous comment

You havnt given any concrete/specific reasons for pulling out

As I am reading this putative new taxation plan, I rather like it if I'm going to be charged per annum 0.54%. We bought our house so long ago, there was no stamp duty, but we pay the highest % council tax in the UK at 5.5%, currently £3600 annually. Once we have argued the toss over the value now and what we have had to spend to maintain it (think £10-15k pa -- this year we have replaced the boiler/hot water system at about £10k, but we've been here 27 years, I have seen about three houses on Rightmove that I have liked enough to dwell on since we began talking about a move/downsize as we retire. I am not sure we will move again; we will travel by train instead of driving.

It's all "could be" news. No one really knows what the budget will bring so though I can understand a little anxiety I agree with your DH and others on here, keep going with the purchase. It's so hard enough to get through the house buying process without bringing something that doesn't currently exist into the equation.