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!

The professionals are predicting a recession immently, that means less spending, loss of jobs, if people are not buying houses then they will have to come down as there will be unemployment and people will be forced to sell bringing down house prices down all together, just take a look at the stock market over the past couple weeks, some UK companys in the top 250 have lost over 75% in value, emergency interest rates all over the world have been implemented, billions pumped into the economy to try and keep it afloat, none seem to be working at the moment, economy looks very bleak over the coming year.

Maybe she wants to buy it and is trying to put you off :) :) No seriously though, go ahead and buy it. It's not really any of her business is it?

Is your SIL in the government or the house trade? If not then why does she 'know' something that other don't?
Seems she is guessing with your money and your wanted house. I'd go ahead if it was me.

I seem to remember last time there was a predicted house price crash there wasn't much of one. What happened instead was that houses didn't sell because the seller couldn't afford to sell at prices buyers wanted to buy at so the market stalled rather than houses dramatically dropped in price.

What does your sil know? Does she have a crystal ball?

I think someone’s jealous.

As it stands this is not a financial crisis - it’s a social one

Of course it's a financial crisis!!

@vedaisawesome I'm not trying to be a know it all but you're incorrect if OP lives in England. Signing of the contract is just that a signature on a piece of paper. It doesn't commit you to buy or face financial penalty. Exchanging contracts does. One part contract is signed in escrow by the buyer and one part by the seller. An exchange of those details are done on the phone and commits each party. The contracts are then literally exchanged by posting to the other party's solicitor usually that day. It is at the point of the telephone call that contracts are exchanged and you then cannot back out without penalty which is 10% of the purchase price even if you only offered a 5%. You are liable for the full 10% and then interest too for breach of contract.

OP your sil sounds batshit. Buy the property. If there is a downturn then so be it, but property always goes back up. You are already losing by renting, at least if you "lose" the opportunity to pay a bit less on your mtg (and it really won't be much different pcm) you will still be a homeowner and ever closer to owning that home outright. Good luck OP

@ThankfullyAlive the use of the term 'missives' suggests the OP is in Scotland, where completing the missives does indeed form a binding contract.

We haven't signed contracts- there would be no penalty. Missives/contracts is today!

Thanks all

Good luck! And go for it! Many congratulations in advance!!

Go for it, and don't tell your sister any of your business in future!

Go for it!

I would only not go for it if your jobs aren't secure. Like another poster who wasn't sure her husband would have a job soon. That's when you would be crazy to buy a house.

However, if your jobs are secure, you can afford it and wouldn't be likely to have issues, go for it. They won't drop that dramatically.

What's it got to do with her? Nosy cow!

@MaggieAndHopey ah fair enough. I have no knowledge of Scottish land law and did not know that missives was the terminology used there. I consider myself duly chastised

For me, the fact that mortgage payments will be half the rent would be a no brainer. Go ahead. There are always people who catastrophise (sp) and they pass that on.
Go for it OP and I hope you have 5-10 very happy years in your home

Go ahead, but tell your SIL you got several thousand knocked off to keep her quiet.

How secure are your jobs? Do you have lots of savings? We were planning to sell & buy soon but staying put. On paper our jobs are secure but who knows.

I have just googled missives as never heard of this. Are you in Scotland? If it’s to commit to buy a property then yes I would proceed.

We bought an investment flat this week! We've lost tons of money this week. We are stupid. But I still think we got a good buy. It's long term and will bounce back.

I'd go ahead as it's a long term home and cheaper than renting. You need somewhere to live regardless!

Prices always go up time, if it was a short term move, SIL may have a point, but 5-10 years on a house you love sounds a good move.

Don’t lie to SIL, as PP said, a property prices can be easily found out online in within a few months of purchase.

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

Do not do this. I hope your SIL isn’t a lawyer as that’s terrible advice if she is! If you do that your lawyer will probably withdraw from acting for you as it’s against the law society of Scotland‘a rules.

Depending on how worried you are about income I’d proceed based on that

In your case id still buy but understand your house might go down but you living in it for 5-10 years so not important. Another person hated their house they were buying on here and the advice was different dont go for it as she move within 2 years. Hope move goes well x