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

[Margrethe]

Listening to radio4, some expert was suggesting that house prices might fall 10% over the course of this year. Unless you are buying the long term, I would pull out.

[MunchCrunch01]

it's a personal decision - I'm really surprised that nobody else in the chain has cold feet though! Let's hope my buyers are similarly optimistic!

[Leavetheblindsdown]

I think you should at least try to negotiate the price down. Why not go in at 10%? You are already taking a risk with that.

[SeaEagleFeather]

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?

scratches head ... are you trying to prove the point about poor literacy skills there?

[nicky883]

Seaeagle i thought i was the only one that didnt undestnd that because english is not my first language :p

[LazyJournalistsQuoteMN]

It's in the best interest (financially) of everyone else (vendor/mortgage company/real estate agents etc) to go ahead with the sale, but not in your best interest
It won't be worth it, if you end up in negative equity or lose your jobs and get into financial difficulty

[nicky883]

Lazyjoirnalist we will try to negatiate a 10% discount to level out the risk if that is not accepted we will be probably pulling out
There is no quarantee that i will be allowed to live here anw
From my place of work today :

EU staff: to clarify that their immigration status has not changed as a result of the vote. This will remain the case until the Government decides otherwise.

I have ontained a eea permanent residence card but dont know if that would be valid

[Figgygal]

Op our seller is trying offload their buy to let property she will just put back on rental market rather than accept a lower offer so we just going to have to suck it up or not proceed.

Good luck with negotiating

[HeadDreamer]

I would pull out of the purchase. House prices will either fall or stay flat. There's not really any reason for it to continue to rise. So you aren't losing much for pulling out and speculate.

[HeadDreamer]

I have ontained a eea permanent residence card but dont know if that would be valid

I don't think that's enough. I know of a few EU colleagues who have applied for UK citizenship/indefinite leave to remain. I don't know which one it is but it is from the UK government. There is no immediate change, but immigration laws can change at any time. That's what your communication is saying.

[SeraOfeliaFalfurrias]

We're about to exchange (signed paper are with the solicitors) and we have thought about pulling out. But we're been looking for a house for over a year and a half, the one we're buying is relatively cheap for the area and has lovely big rooms - we're limited in where we can buy (don't want to change the DC's school) and just wouldn't get a house like this one again. We'd be mad to give it up. So even though we accept we might be in negative equity for a while, we're just going to have to accept the risk. We bought our last house right before the previous crash and so were stuck in negative equity in an intended-to-be-short-term 1.5-bed starter home for eight years with two kids and two dogs. So we're nervous about being in that position again. But this is our forever home, so despite everything, we're going ahead.

Besides, as a friend pointed out, if everyone pulls out of house chains for fear of a big recession and crash, that can only trigger a recession and crash!

I've been reading everything I can get my hands on today about the impact of Brexit on house prices, and the predictions vary from a 10% drop in prices to no drop but a slow-down in the price increase. Still worth it, in our opinion.

[MunchCrunch01]

I totally think of it was my forever home I'd go for it and I will if our buyer doesn't pull out - and we live in the soon to be independent republic of Scotland. I would pull out of a starter home though exactly like sera as we are likely stuck in ours!

[Oliviaerinpope]

I wouldn't buy it now, we don't know what'll happen next and you could end up in negative equity within months.

Also, I don't want to stay in the UK and will be exploring alternatives.

[SlightlyperturbedOwl]

I think it depends on: 1. whether you want to stay here now 2. whether you think you will be able to stay here now (ie is your job likely to be secure and could you apply for permanent residency if you have to). If yes to those then negative equity in the short term isn't the end of the world in the long term. If the answer is no, then I would pull out.

[nicky883]

Our sellers wont negotiate on price they are saying they will just put it back on the market
And to tell them by 6pm today
Dh says we should go ahead
I can apply for a british passport in september somehow i dont see tgem kicking me out by then ?;p.

[SlightlyperturbedOwl]

It seems unlikely. But then I doubt there will be anyone rushing to buy it instead either, so it may not be an effective threat?

[AvonCallingBarksdale]

nicky883, what did you decide to do - your 6pm deadline has passed.

[nicky883]

We will go for it. We havent exchanged of course but we said we will next week
After cooling down a bit and reading a few articles i have decided that this will take long and i also remembered the greek referendum a few years back which led to nothing
Until article 50 is triggered i ll stop worying

[BonerSibary]

Personally I'd have to really want the property and have a decent deposit to cushion me to buy now. You're clearly not getting kicked out before you have time to become a British citizen OP, but the house might be cheaper by that time.

[SeaEagleFeather]

As far as I understand it - Article 50 WILL be triggered, nicky (maybe someone can correct me if I'm wrong).

Cameron may be trying to put it off and pull an ace out of the hat but it seems unlikely that that is possible.

I think that if this is not your forever house, even so you need to think in terms of staying there much longer than 5 - 6 years. Will you be able to live with that comfortably? If not, then don't do it. If you will, then go ahead.

Very blunt question: does your DH make good financial decisions? Do you trust him in that aspect? if you do, if he has a good track record, then I'd be inclined to trust him. If he's made doubtful / poor decisions in the past, then stick your heels in. Other reasonable houses -will- come up in time and perhaps cheaper in the circumstances. if you plan to move on in a while, they will be a better bet. If you plan to stay in your forever house, then it's worth investing because the potential loss doesn't actually matter so much, as long as you can afford it in the first place.

About your passport and permission to remain, nothing will change for 2 years as I understand it. After that, if you've got a good job I expect somehow you'll be able to stay but perhaps not on such good terms. Maybe with a visa.

[Mishaps]

Just carry on - you are welcome here.

[Hodooooooooor]

Just carry on - you are welcome here

No, not so much. OP might not have the legal right to live or work in the UK soon.

[nicky883]

Hoodooor
Yes i believe they will round us up put us in busses and take us to a camp somewhere for gods sake !

[RealityCheque]

Hodoooooor that is rubbish. She is already here so is already protected by international law.

The level of misunderstanding on this is astonishing.

And this will not take 10 years to stabalise as soon are suggesting. That timeframe is Laughable.

[CiaoVerona]

Op, I don't see how anyone in the UK for any length of time will be asked to leave its completely unrealistic to think they could suddenly get rid of millions of people over a set period.
Think about it, what about those who own property would they suddenly have to sell and head home? There would be legal challenges that would go on for years its simply not going to happen. Sad things have come to this.
I still think you're making a major decision during a time of turmoil I would be holding off a while. Most mortgage offers last 3/6 months after that you have to reapply.