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

[MunchCrunch01]

oddly, my DH is also living in cloud cuckoo land and thinks the buyers will complete - I don't think either of you should pull out, I think you should try and value the risk, and re-negotiate.

[LazyJournalistsQuoteMN]

I would put it hold until you know what is going to happen to Eu citizens living in Britain. The pound has plummeted too so you would probably get a better deal

[nicky883]

We are due to live our rental place on the 19th of july so not much room for negotiation time wise :(
Really dont want to be looking for another rental right now !

Figgy that wont be pretty ! Is he at least open to renegotiating ?

Also forget my ignorance but what about the mortgage offer can they take it back on this stage ? We have a 2 year fixed rate

[FrikkaDilla]

I'd be a) either offering circa 20% less than orignally offered (didn't the Government predict an 18% fall in house prices)

b) pulling out unless you want negative equity for the next 10 - 15 years.

[MunchCrunch01]

nicky call the bank and finkd out - I don't think they can pull out if they've approved and underwritten everything but in your shoes I would double check

[temporaryusername]

I would not saddle yourself with a property in the UK now, with the current uncertainties you may well want to leave and yet same uncertainties may mean a big financial loss if you do. I am jealous, you can leave!

[nicky883]

Called bank advisor said mortgage offer and fixed price rate cannot change
Dh is adamant that we should continue !
Really confused panic turned to sadness now !

[feellikeahugefailure]

a house price crash has been on the cards for ages. this will probably be the catalyst.

[shovetheholly]

I don't think there will be a huge crash. There is too much demand for that, and the housebuilders are being hit so hard on the stock market today. A downturn and then a stagnation seems more likely, with rising interest rates starting to cause problems for those who are overstretched. But I'm no expert, and others may be better placed to advise.

[Leavetheblindsdown]

Please do advise, someone! How much to try to negotiate down? (not in London).
Or best just to move to Scotland?

[MunchCrunch01]

i wouldn't move to Scotland, indy ref 2 is doubtless just round the corner and losing UK subsidies isn't going to be great for the Scottish economy or Scottish house prices! Move to Scotland if you're planning to rent :) I'm in Scotland btw.

[feellikeahugefailure]

Of course there will be a crash. Demand means fuck all. House prices are high due to cheap credit. That tap will be turned off.

Thank god maybe houses will become affordable.

[summerainbow]

Well you dh want to continue in would do what you both want . If you stay in rented the rent might well go up ifor the interest rates go up.

[MunchCrunch01]

the cheap credit tap is being cranked up - per Mark Carney's statement today, BoE'll do plenty of quantitative easing if they need to.

[WeekendAway]

I think it comes down to whether or not you are confident that there will be stability in your job in the wake of the Brexit result and whether you want to stay in the UK or not in the long term. If you do, then carry on. This will be a relatively minor and short term correction and providing you were not sell your new house within a year or two for a fast buck then you probably will be fine. Or you could pull out now and start again with a different house in a few weeks/months, taking advantage of a new price correction.

If this result makes you think you don't want to hang around in the UK long term then just pull out.

Given that this is obviously a very big deal for you and you are taking it all quite personally, why on earth did you not consider the effects of a Leave result on your house buying plans? I don't understand why you didn't just wait for the referendum to be over before committing, if your decision hinges on job security, whether or not you now feel 'welcome' in the UK and whether or not there will be a downturn in the market. None of those things would have been terribly difficult for you to anticipate I wouldn't have thought.

[Hodooooooooor]

Who on earth thinks the British are the bad guy?

Lots of people. You just told the whole of Europe you wanted to break up, and you told a lot of the foreign born population here that you don't want them either.
You don't really think everyone still loves you, do you?

[nicky883]

WeekendAway as i said before i was almost certained that remain would win .
I dont think ll have trouble finding a job if i loose the one i have i work in a very demanding field .
My concern is overpaying for something that will worth less in a few months !

[Leavetheblindsdown]

The UK was already the bad guy - constantly grumbling about EU membership and causing problems. And now it will cause havoc for the rest of the EU, and beyond.
Not popular for having helped Bush cause on-going chaos in the Middle East, either.
For its size, this country causes a lot of trouble.
I'm really not sure what there is to be so proud of?
And the Brexit result wasn't exactly the result of a civilised, intelligent discussion, was it?

[MunchCrunch01]

it's a completely legitimate concern - we also proceeded on the basis that there would likely be a remain vote. I do agree, you have to decide if you like the place for the medium term. If you don't, you may be better off backing out altogether. Would advise you to try not to muck about your sellers for too long with indecision if you can help it.

[Sighing]

Pull out and invest in a stronger economy. Nevermind that the majority of the UK want you and me to not be here.

[LineyReborn]

I would be worried, too.

You're buying a probably over-valued house, and staring a massive hike in mortgage interest rates in the face in 2 years' time, negative equity and a devalued pound sterling when and if you do sell it.

[knottedwood]

I think it's almost inevitable crazy London house prices will fall. If it were me, I'd delay. Push the date back by a week and see what has happened by then. It'll be annoying for the sellers, but that can't be what sways you.

[nicky883]

Leavetheblinds i sometimes find it ironic that england has colonized half the world and they are now so against immigration :p
Munch we wont do that as we have to make a decision very soon anw because of our rental. We like the place if i had to keave there longger i dont thibk i would hate it

[GhostofFrankGrimes]

I wouldn't. I'm worried about negative equity. The only people who will clean up are cash rich speculators. Brexit - power to the people eh?

[MunchCrunch01]

yes anybody with cash at the moment is ideally placed to get bargains - but - they are still taking a gamble on what will happen with house prices. They could fall 10% now, and have rebounded in 2 years so this could be a small window of opportunity, or they could be 20% lower and stay lower for 10+ years. Cash rich and in it for the long term...