AIBU to pull out of house purchase at the 11th hour due to reeves

[BeGreatSheep]

We can due to exchange next week and I’m really considering pulling out given the general mess of the UK economy and the potential extra tax that have been suggested. Am I be ridiculous? Husband is team buy.

What will your housing situation be in a year, 3 yeas, 5 years, 10 years, retirement if you pull out?

Most of the speculation on tax changes ee property won’t affect you if you buy now so
what is it particularly that concerns you

No one seems to want to talk about the actual figures!

If you are buying over £500k in fact you are better off potentially, who knows what tax they will bring in!

I think that if you were able to give specific factual reasons for why backing out is the best plan rather than these more generalized anxiety fears it would be different. YABU. Pros and cons lists can be a helpful tool because seeing things in writing can help you to see what's a valid concern vs what's fear/anxiety spiraling. If reading your reasons doesn't help you to identify when you're being irrational, the list can help you have a conversation with those you ask for advice whether that's your partner or your therapist. You can keep working on developing that skill so that you can learn to do it on your own. Asking for help is a strength and getting confirmation from someone who is rational, honest & cares about you is a good thing that most people do. Be proud of yourself for asking help and recognizing that you might be being unreasonable. Sending you hugs 💜

Although those who’ve paid stamp already on purchase will be exempt from any to sell the same property.

as stated in one of the many think tank articles going around
there's so many I really can’t remember which one . Think it was the one by the guy who advised Sunak during Covid

It's all "could be" news. No one really knows what the budget will bring so though I can understand a little anxiety I agree with your DH and others on here, keep going with the purchase. It's so hard enough to get through the house buying process without bringing something that doesn't currently exist into the equation.

As I am reading this putative new taxation plan, I rather like it if I'm going to be charged per annum 0.54%. We bought our house so long ago, there was no stamp duty, but we pay the highest % council tax in the UK at 5.5%, currently £3600 annually. Once we have argued the toss over the value now and what we have had to spend to maintain it (think £10-15k pa -- this year we have replaced the boiler/hot water system at about £10k, but we've been here 27 years, I have seen about three houses on Rightmove that I have liked enough to dwell on since we began talking about a move/downsize as we retire. I am not sure we will move again; we will travel by train instead of driving.

You havnt given any concrete/specific reasons for pulling out

See my previous comment

And I am certain that my scenario is not what the Chancellor wants to read as a response. We just won't move. We won't free up a lovely family house, we won't pay SDLT, we won't buy new kitchens or curtains (possibly curtains); we will stay put, and pay contract gardeners and the cleaner to do the jobs we can't do any longer.

The great fear of moving 200 miles away is that I don't know anyone who can tell me that X plumber is shocking or Ybuilder's final invoice is always padded. Here, I have all that information at my fingertips. I know which garage to use and which car salesman is fairly honest. I have been amassing this mental file for 35 years, and the older I get, the less sensible it seems to be to move away.

As I understand it, the new tax regime would only apply to purchases made after its implementation, so if you are completed by the budget in October it certainly won't affect you. It will be quite complex to put in place, so I doubt it will be ready to go straight away, more likely to come in April.

What it does to the property market, who knows, it may help or hinder, apparently estate agents like the idea. to me its overly complex.

OP, if you are happy with the house, you should probably go ahead. No Government yet has braved retroactive tax measures.

YABUR. You Are Being Utterly Ridiculous.

It will be fine, you are over thinking.
If you are worried about paying the mortgage in event of losing your job you can get income protection insurance, ditto insurance against serious ill health or if one of you dies ( not trying to add to your anxieties!)
You will never do anything if you overthink, nothing in life, apart from death, is certain.
Just stress test mortgage payments to see if they go up you'd be OK, although atm rates are falling.
House buying is a long term game and there will be fluctuations but more importantly it's your home and your stability.
When renting a landlord could decide to not renew your contract, sell etc and your rent could easily be as much as a mortgage.
I hope you will be very happy in your new home.

Of course you are …..

We all just need to knuckle down and wait out the next 4 years, until the next GE.

Tories will get in.

Labour are doing what Labour do, i.e. spend, spend, spend. On what though, I'm not too sure.

It's been 14 years since they were last in, so a whole generation of voters who had never experienced life under Labour. Doubt they will vote them in again.

Online tax calculators that I saw did not describe it that way; figures were based on the whole value of the house. Thousands.

Because there are no actual figures. The whole thing is speculation.

So the cap does fit.

The Truss situation paling in comparison? Christ, you have a short memory.

www.hfmcwealth.com/why-did-the-mini-budget-nearly-bankrupt-pension-funds/

Tedious

I vote Labour. I said that.

Brainless? No. It's a considered, researched position

Fangirl? You are demonstrating an unpleasant level of arrogance and I also think the word suggests an element of misogyny.

As I said. Arrogant, patronising and snarky. More about you than me.

It bothers you so much for a reason clearly. If you make embarrassing electoral choices, just own it. Why the protest.

You are so unbelievably unreasonable and people like you make me so cross. You have made a commitment. You are likely in a chain and other peoples livelihoods are depending on the chain. Don’t fuck up other people so close to exchange for no reason, it’s bloody selfish.

When does anyone do the best thing for anyone else @Lyocell? We all act and decide on the best course of action for ourselves. I am never going to sell my family home to a young family with three kids unless they can find the money to pay the market value... don't delude yourself that I am, or anyone else. The OP has cold feet about a property. Only she can decide whether to proceed.