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

[shovetheholly]

This is different, though, because it's going to take 10 years to get things back stable, so the chances of a prolonged dip in house prices must be higher, right?

That said, around 25% has been wiped off bank shares and only slightly less off housebuilders this morning - so the lending and building climate is definitely going to be hit hard.

[MunchCrunch01]

you'd have to be Dr Pangloss to go full steam ahead without re-negotiating at this juncture.

[fruitbat2008]

Yaaasqueen not all of us Brits are either old or unenducated but we are bloody proud to be british and why shoulden't we be independant i couldent care either way if EU migrants stay its up to them but the british are fed up of being the bad guy!

[shovetheholly]

Who on earth thinks the British are the bad guy?

What planet are you on?

[bombayflambe]

The UK can't survive for the foreseeable future without a free trade deal with the EU. All European countries which have a free trade deal with the EU have had to agree to free migration of workers.
I agree that the house prices may well fall, but that was always a risk. Make your decision on financial grounds.

[Hereforthebeer]

nicky883.. depends how much you've stretched yourself and if you can live in that house for many years.. If you love the house and can sit it out i'd stay with it if you want to settle... up to you though. Is a big decision.

[StepCatsmother]

If everyone starts pulling out of house purchases though, surely it becomes a self-fulfilling prophecy?

The best thing we can do to keep our economy stable is not to make knee jerk decisions on the back of something that's only just happened.

[contortionist]

Why would rents increase? Decreased economic activity and economic uncertainty should push rents down.

OP - in your shoes I would not proceed. Especially since this is a 5-year house rather than a forever house.

[nicky883]

Fruitbat i never said british are the bad guy i am not sure where you are getting this from or what it has to do with my question

We will not pull out right away but we are certaintly not exchanging today
We need to think about it and mght renegotiate the price

I dont see it as oir forever home no its just what we could afford as our first time buy

[lifeistooshort]

completely understand how you feel. Been here for 16 years and can't help that not very clever side of me thinking well you don't want me here why should I spend my money in your economy.... Short sighted but human nature. I also feel unwanted and unwelcome.

[SolomanDaisy]

You'd be mad to exchange. House prices and sterling are going to decline. Keep your freedom to leave the UK.

[gotnewplates]

I agree with pulling out.

secretly hoping the sellers voted brexit and start feeling the pain they are inflicting on the nation

[twofingerstoGideon]

Pull out.

[gotnewplates]

I love how the vocal racist sounding bexiters have terrible written English fruit. Educate yourself so that you can also be proud of actual skills, not just your passport.

[redhat]

imports more expensive - inflation - interest rate increases - more expensive mortgages - rent increases.

[Leavetheblindsdown]

We're also on the verge of exchanging - and have spent lots of money on surveys and legal fees etc.
Thinking of trying to negotiate the price down, but I don't think that will be well received. And by how much?

[nicky883]

Leavetheblindsdown i dont think it will be well received either but who can blame us really ?

[Kitsa]

fruit you are somewhat confused.

[whiteDragon]

Why would rents increase?

The argument is that if interest rates go up - landlords with mortgages or have somehow borrowed money to buy the properties will have an increase in their costs which will then be passed on in the rent.

It does assume that there are enough people to pay the rent at the new prices.

However it's possible that interest rates might go down to keep the economy going. So there might not be that pressure.

I think as it's not the forever home - waiting is the best policy. See what happens over next few weeks.

[Tweennightmare]

My first thought this morning when I heard the news of Brexit news was house prices will plummet . You would be insane to go ahead I think . Even negotiating there is no way to predict what % would be acceptable if you negotiate 5% and prices fall 10% in a year will you be happy. If you are a first time buyer hang on for at least the next 6 months it is the only way to go.

[PalePolkaDot]

The only thing that would keep me going with a house purchase is that the mortgage deal you have fixed may seem like a very co work tube deal in months to come.

[MunchCrunch01]

Remember it's only a house sale, they fall through all the time and it's a transaction. I fully expect our buyers will attempt to renegotiate or pull out, and we'll likely do the same with the place we're trying to buy, it's a response to the additional risk you're now facing. Pricing that risk is the HARD part.

[Figgygal]

My dh is refusing to pull out on our house purchase I see a big argument tonight!!

[nicky883]

Figgygal my dh is the same ! He says we dont know whats going to happen anw so we might as well go ahee ! I guess we are always the worrying ones !

[Figgygal]

I'm 6 months pregnant and operating on 5 hours sleep today I will be mainlining sugar it won't be pretty!!