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

WeekendAway as i said before i was almost certained that remain would win.

Well yes..so were lots of Remain voters. Same as lots of Labour voters in the last election thought they had it in the bag. The sense of outrage and sheer bewilderment at finding themselves wrong is palpable.

Sorry but if you took a massively important decision like this without anticipating that in a two horse race your horse might not only lose the race, but break its leg and need to be shot then I really don't know what to say to you to make you feel any better.

And if you pull out with this as a reason then everyone up and down the chain will be saying the same thing. You won't be popular but you have t do what feels right for you.

Can you see if you can negotiate an emergency price drop throughout the whole chain, at a fixed percentage for all? You won't be the only people worrying about this. If that can be agreed then the only people to lose out will be those right at the top and they can probably afford to take up the slack more than the rest of you. It's worth a try.

I wouldn't pull out - we're in the middle of a house purchase at the moment, and have no intention of pulling out. We're putting in 50% equity, 50% mortgage in a pricey area, so the house prices would have to go down massively for it to affect us. It will be our forever home, though, so appreciate the situation is different to yours. You still need a home though, and, amazing as we all are on MN, I would advise you take some legal advice. I feel very emotional today, so I'm not sure it's the day for making another huge decision - I'd need to be feeling more level-headed. I voted remain, proudly, and I hope you don't feel unwelome here, OP. Good luck!

Yy, cash rich non-UK speculators will buy up property at a faster rate than ever.

Then rent it out. Rents will rise as demand soars.

Housing Benefit will be cut further in Post-Leave Austerity. Homelessness will increase.

Legal advice isn't going to insure you for the risk though - we're stuck in a too small place now I think, and it's what you want to avoid, if it was a forever home, I do agree with Avon the advice would be different - you said this is a starter home though. How does it look with 2 children in it?

I'd suggest professional advice. None of us have a crystal ball and things may well settle down or they may not, who can say for sure? Don't despair, you shouldn't feel unwelcome here due to the result, 51% is hardly an overwhelming majority.

that's true - it never hurts to take professional advice

I dont think anyone can predict whats going to happen i undestand that
I am just wondering weather to take the risk or not we ll have to do a lot of thibking over the weekend

White British are uneducated - that's not all racist is it? What about the White EU migrants who have Bristish citazenship? Are they all uneducated? Because they ARE while British. Or dont they get lumped in with us fuckwits?

You took what seemed, at the time, like a small risk - offering on a house ahead of the referendum. We did the same. Surely the owners of the house (at the time of the referendum result) should bear some of the cost of the Brexit result's effect on the economy? They didn't market the house in time to sell before Brexit - that's their risk. Your risk was the legal and survey costs you have already incurred, plus the difficulty of offering the right price now, not knowing how far prices will fall.
Lawyers won't help you to fix on the right price.

Someone up thread said sterling has dropped 20% in another thread it was stated it had dropped 30%, in fact its down about 6% against the euro.

Part of the reason house prices are so high are due to the last recession when sterling collapsed. The pound was close to parity allowing anyone with euro a discount of about 30% due to the conversion rate.

Sure, some investors may hold off due to Brexit, as many will jump in and buy if sterling go's down about 30%. All that said property is over valued in a correction has being predicted for a while now.

Would you like to guess the likely level of the drop in prices, Ciao?

I think you should look at this as an opportunity not to be missed (as in buying your house) and go for it. Unless you plan to leave the country & sell up in the next 2 years. If you could possibly get a longer fixed rate mortgage that would be even better, but if not just go for it. Negative equity won't hurt unless you are selling. And even that is only a probability at the moment. Given the possibility of interest rate increase there is every chance that house prices could remains stable rather than increase/decrease.

Actually, as I said this is some what double edged if sterling drops to 2008 levels you may see a bexit bubble at the top end it may feed into the lower end giving rises across the board.

Anything I've read suggests property is over valued by at least 30% its not unique to the UK the US and Australia are also over valued. The problem is you have far to much central bank money swilling around looking to property for returns.

I wouldn't want to commit right now tbh. If you look at what has happened to the share prices of housebuilders it says that the market expects house prices to fall.

How safe is your job/ how mobile are you?

You have a high skilled job and been here for 6 years why do you think you will be affected ?

If you buy an overvalued house, then when you sell you will lose out in terms of the new house you can afford to buy. There's no reason why you should take the full hit for Brexit - so negotiate down.

If anything the bank of England will drop rates I don't see any increases being scheduled for a while.

leave The only vendor that might drop prices would be someone selling new builds or maybe someone desperate to sell.

You can't suddenly say, hey the price I agreed is over valued due to the last 24 hours it will take time before we know the outcome in terms of property prices.

Id pull out, I don't want to be here today

I was replying to a comment made by yaaasqueen and am not confused, and glad by the results today.

I'd definitely pull out. Prices might go up or down but the risk is there.

Mortgage advisor was relatively calm which gave me a bid of hope will call the estate agent of our vendors in a while to see if there has been any movement in the chain

Nicky if you're that worried about prices I think you may well be best advised to cancel your purchase.

If you were buying your for ever home you expected to live in for the next 30 years I'd say buy, your situation sounds fluid therefore Id hold of buying for a while look at your situation with a longer view. Buying property should be for at least the medium term if not the long term. Think, 10 plus years.

Sellers and whole chain ready to exchange no one seems that bothered

I would buy it. You'll be fine