to pull out of house purchase (eu citizen)

[nicky883]

I am an eu citizen been living and working at uk for 6 years
We send our contracts for our first house purchase yesterday. Now am thinking about telling the lawyers to not exchange !
Wwyd if you were in my position ?
Its the first time since i lived here that i dont feel welcome

Jesus, Cameron has resigned

I think do too pauldacre ! Now my wuestion is what happens with our rental do i just tell the we eont be leaving ?

Has your LL got new tenants lined up? If not then tell them that you want to stay on and agree a new tenancy; if they are agreeable to you moving on to a rolling tenancy agreement then that would give you some flexibility. If you want to leave then you give a month's notice and if they want you to go then they have to give you two.

Id pull out as its very unstable at the moment. Can you continue to rent?

What an awful thing to do? All the chain broke? All those poor people let down. God knows how much money they have lost!

Ffs

This country is full of old uneducated white people you're better off elsewhere

Well op there you have it. A perfect example of the attitudes that made sure you are in the predicament you are in today.

Mymumphy an awful thing to do ? I am sure they would undestand and we areloosing money too !

OP - The UK voted to leave the European Union - not to leave Europe.

I voted out but please don't feel unwelcome in the UK. I love Europe, I love spending time with Europeans and would welcome and enjoy your company

On the house purchase issue however, I would hold fire. I assume that you are renting at the moment? In which case waiting a bit may work out very well for you if house prices do drop.

I am just so upset i was really looking forward to moving !
Would begotiating a lower price be wrog at the moment ?

In a similar position. Have put a deposit down on a new build. Think we will have to pull out and take the hit :(

Don't forget that house prices have been rising at 8 to 10% per year recently, so a 10% drop over the next year could potentially just mean that house prices remain static or fall back slightly rather than a massive drop.

It's horrible timing for anyone due to exchange just now because everything will be unsettled for a while - weeks or months even.

night the house builders are taking a hit on the stock market, you might be able to negotiate a cheaper price?

Pull out , and count yourself lucky its not too late

Might try to negotiate a cheaper price but i dont think they will go for it

Pull out - at the very least you've overpaid...our sale and purchase i expect to fall through today

Oh they probably will go for a cheaper price - we would...

I think what you need to look at is not the house price fall but the whole picture including interest rates.

DH bought a house right at the height of the last financial crash. It lost about 15% of its value. BUT he was able to get a mortgage at a fraction above Bank of England base rate. So we are paying hardly any interest, and it has worked out really well financially because prices have subsequently risen to 15% above the value. This crash may be very different, because interest rates may have to rise. I guess my point is that every situation is a bit different.

If you work, live and are planning to stay in this country why not buy the house. What are you so worried will happen. Apocalypse much?

There is no way i would pull out of a house (a house as a home not an investment) sale today based on a decision 4 hours ago. I may renegotiate in the next few days depending how the land lies.
But i wouldn't pull out to continue to rent, no way! You need a house, if you like the house, want to live in it for years. Buy it!
I was buying my first home when the twin towers crashed and everyone, i mean everyone said pull out.
If its meant to be a long term home not an investment carry on.

Negative equity is only a problem if you are selling, if you can foresee any reason that might happen in the next 5-7 years don't go ahead

Just keep in mind that rents are also likely to increase.

Having said that I would also be holding off on exchange for a week or so until we see how things are panning out.

Night, we did the same thing in 2007 just before the arse fell out the economy. We've been in negative equity ever since. Think very carefully and have a really good look at property in your area, you can get so much more for your money not buying a new build. I will never buy another newbuild if we're ever able to move again!

I'm in same boat large mortgage if go ahead house likely in negative equity as a result of this can't reconcile myself with going ahead under this knowledge!!

Tbh I do not feel it is Brexit IN PARTICULAR which will cause a slump.
It is government policy that wants to take the overheated market down,
Brexit and the fall in the pound is a contributory factor.
I am sorry you feel unwelcome here I am afraid there is a lot of confusion
at the moment.
If you can leave the UK as there will serious instability for a good number
of years (however it will be a dealbreaker as you will not be able to return)