Meant to sign missives on a house tomorrow.

[BuyingaHome]

I'm meant to sign missives on our house tomorrow.

Sil rang and told my hubby not to. We've been looking forward to this for months.

She said there's going to be economic turmoil and we should wait.

I don't know what to do! We've waited forever for this house!

Unless your financial situation faces change, I would go ahead. Still only if it was a forever house though.

It's a 5-10 year house.

Could be a forever home.

No, not worried about finances.

Sil saying we should ask for more money off. I don't feel this is right!!!!

I think we should sign missives and move to next stage. We move in, in 2 weeks!

She says other houses will come up and we will get a good deal

Bollocks to that. If it’s affordable for you, and you could stay there ten years, get going with your cherished home. There won’t be ‘other houses’ anytime soon.

I'm really worried - can anyone advise?!

Thanks @YesILikeItToo

What are you worried about?

As it stands this is not a financial crisis - it’s a social one. Things will recover as they always do - sooner rather than later hopefully.

I’ve not read anywhere that house prices are expected to fall greatly, if at all.

Perhaps someone can come along and provide evidence to the contrary though.

I wouldn’t ask for more money off the house either.

Bollocks to that. If it’s affordable for you, and you could stay there ten years, get going with your cherished home. There won’t be ‘other houses’ anytime soon

Exactly that.

She could be right but the uk housing market tends to driven by a lack of stock. Many people will defer sales for the duration and stay put. There won’t be a lot on the market. But there are usually people looking to buy

I don't even know why she's ringing my husband to say don't buy the house.

Feels sneaky

We desperately need a house and our mortgage will be HALF the cost of what we pay to rent

PP's are right, people tend to stay put in a difficult market which means a low number of properties for sale. You could be stuck for ages without finding the right property, also it makes more financial sense to buy if your current rent is so much higher. Why would you listen to your SIL? Is she jealous that you're about to be homeowners?

I don't know, it's just very odd

Parents are very proud of the house were buying. I wonder if that's why?!

Sounds like a case of the green eyed monster to me, OP.

Go for it.

Thanks posters. Will go for it!

I can't imagine many properties coming on the market any time soon - with all this stuff about social distancing , who is going to want strangers wandering around their house and touching things?

I'd move still. This will pass. Do you really want the upheaval of finding a new house and going through all the legal stuff again? There's no guarantee you'd get a better deal either.

Are you making a financial speculation, or buying a home? Unless it's the former, there's no sense getting cold feet over how the value might fluctuate shortly after you've bought it. Only the value in 10 years is even remotely relevant, and this will all have been forgotten by then.

Ok perfect.

Basically she thinks we should ask for money off. Or wait as we will see house prices dramatically lose value and we should buy then.

Crazy to me!? But then wanted to make sure I wasn't letting my heart get the better of me. I love the house!!

Annoyed at sil... weird behaviour?!

Also. I think it's really unfair to ask for money off!!! Especially the day before missives is signed? Don't you?!

Prices will go up if anything, at least short term, as there will be more buyers than sellers in the next 6 months. Go for it now and tell your SIL to get her beak out.

You'll probably get a better mortgage deal in 3 - 4 months time.

The headline value of your house will probably drop in the next 6 months too as the market corrects and adapts.

NONE of this has any bearing on whether you should buy the house at all. I suspect your SIL means you should ring your vendors tomorrow and threaten to pull out unless they accept a reduced price. And that tells us all we need to know about her, doesn't it?

Sign your missives lass. Good to hear about someone actually moving forward and a bit of good news.

If you've signed contracts, you can't pull out without penalty. Normally 10% of purchase price. If you ask for money off and seller doesn't agree, you're still in same position of penalty if you then pull out. If you've signed contracts there is no way out without penalty without a very agreeable seller and that's unlikely to happen. Just buy the house.

I’d go for it. IMO house prices will drop in time however the fact is it is a house you’re buying plus it’s half the price of your rent. Your landlord could decide to sell next week and where would you be. Good luck with the new home