Buying a house during corona!

[MINEareCRAFTy]

About to sign contracts, solicitor said all is fine but surely this is going to be delayed, it's hardly critical that we move on time! Anyone know anymore about this?

I have no answer for you but I wouldn't buy a house right now, you will be buying at the top of a falling market. The bottom is about to fall out of the property market and it will take years to recover.

All that will still go ahead fine, finance, legal, delivery drivers etc are all on the essential list so will still be operating as normal

All that will still go ahead fine, finance, legal, delivery drivers etc are all on the essential list so will still be operating as normal

I also wouldn't buy at this time. I can't see how house prices won't fall. The economic fall out from CV is going to be massive.

Especially if it is a new build I wouldn’t proceed.

I don't have any choice, I can't pull out now, we are about to complete in a few weeks. I wouldn't anyway, I love it too much!

Thanks to those that have pointed out that it should still proceed.

Buying a house is a long term investment and in the long term house prices always increase.

In the short term they might increase. Or they might decrease.

In any case, every single time you make a months payment on your mortgage, that's money you didn't spend on rent.

No chance in * I would be buying as a first time buyer right now! The housing market bubble is going to go pop big time, not so bad if your stepping up the ladder as you would have sufficient equity in your house allready, high unemployment and less spending to come

We've sold and have found another property. Everything seems to be still going through - I'm going on the theory that no news is good news and an just trying to stay positive.

I was asking for advice about actually finishing the purchase and moving. I was not asking about whether I should be buying or not. I've done it now, and I started before corona so please no more comments about what house prices are going to do!

It's not a new build and I'm not a first time buyer.

Thanks to those that have answered my question...

Hi

No one is 100% what to do to be honest. We are recommending simultaneous exchange and completion is the safest, but it's not always possible. We have one with an 'completion on or before' with the long stop date being the day before the mortgage offer of one party runs out.

The big question is, did you go for a local solicitor or an online factory? This is the sort of time you really want to have chosen wisely.

If you haven't signed the contracts then you haven't exchanged? And therefore aren't committed to anything. Or have I misunderstood?

I guess I mean I'm not going to pull out, I love the house, I've chatted to the owner a few times and know about his chain etc, I'm committed emotionally. Yes I could pull out but I'm not going to.

Local solicitor who I've always used

It's a massive financial commitment and I feel it's inevitable that house prices will fall. I imagine chains will start to break up all over the country.

If you are keen to go ahead then I don't see any reason why it would be delayed. Unless the chain breaks due to somebody else wanting to delay due to the economic uncertainty.

I think your chain is the biggest risk. If you can all exchange on the same day then that would keep you safe.

A delayed completion could cause trouble for people’s mortgage offers. Offers are on the table for so long. If people’s circumstances change ie job loss, then getting a new offer may not be possible and they couldn’t proceed.

I think it’s very high risk unless there are cash buyers at some stages and the chain is very short.

I feel for you OP

Safer, not safe I’m afraid

It's been paused, thought as much.

Fingers crossed it resumes again fine and everyone is happy and healthy at the end of it.

Thanks for all advice