Completing in this climate....

[Hardheadedwoman39]

Just wondered if anyone else is in the same situation and if so what your thoughts/plans are....

We offered on a house in January and were meant to exchange and complete in a April. That obviously got put on hold.

Given how much has changed since January and how uncertain things are economically and in terms of health risks would you renegotiate?

Also would you stick to a close exchange and completion?

The vendors want a two month gap and think we're outrageous for being concerned about the falling market....

All viewpoints appreciated!

Depends if you want the house ... I think we over paid for ours in 2007. BUT there were no other houses for this budget and size in the area, literally nothing.

It's sort of that kind of house but there are some others that are cheaper on the market and very similar...cheaper by 25-100k....

Even £25,000 less will cost you £75,000 less in interest, that’s a huge difference

It's such big amounts to be dealing with and I'm worried about buying now and in five months seeing cheaper and cheaper properties coming to market. It's not our dream home just a practical sensible purchase!

@Hardheadedwoman39 - given it's not your dream home it sounds like you would be wise to wait it out a little. It is a lot of money and it's uncertain times. Home buying is such a massive commitment as well.

Good luck!

@ChocoTrio I think you're right, it's hard to let go of a plan that's been in the pipeline for awhile and we're in rented atm as well 🙄

Hold off if it's not your dream home and there are similar properties much cheaper nearby. If you need a mortgage though, just check the lenders criteria hasn't changed or; higher deposit needed etc.

We're currently in the same situation. We offered in February and only managed to get our survey done yesterday.

We're going to try to offer less based on the results of the survey. It is such a massive purchase and in these uncertain times I think you couldn't be blamed for offering less than your initial offer.

I think it depends hugely on your reasons for selling.

Some people buy as an investment ie buy do it up sell a few years later to afford a better house. I don't think those people should buy now because it's too much of a risk that the house won't have increased in value in three or four years time.

Some people just buy a house to live in (me) & plan on living there until they die or go into a home. For those people I think you might as well just buy because over the course of thirty or forty years I don't think it'll be that important.

I think in the UK we've a serious issue with people merrily offering on properties and then pulling out last minute on a whim.

The amount of stress this must cause the people trying to sell must be immeasurable and yet some.people simply dont give a shit, apparently.

We really do need to move to a system like Scotland so that people can stop behaving like complete and utter twunts and people who receive an offer on their house can have some degree of security.

In your case OP, the practical facts would say it makes sense to pull out, perhaps. But then why did you offer in the first place?

We are in uncertain times, but the housing market is boyant, the main property sites actually report an increase in site visits from where they expected.

Pull out, if you wish. But let's hope that this doesn't happen to you one day, after your spent thousands on your purchase.

We would be there a minimum 6 years, we are concerned about mortgage offers as they are already changing the criteria.

Just looking at Rightmove and properties are being reduced....

I want to get out if rented but like you say it's so much money!

If you're renting then you're in a good position should a better house come along, especially if its in no chain (eg probate sale). I haven't got the impression you really like this house you're contemplating so frankly I'd bin it and wait.

@Loofah01 I don't love it....you're right. I've always lived in older houses with a bit of character and this is a 1970's practical house with no character.

I've always been excited about house moves before but the current climate has rather changed everything. I'm not complaining just confused 🙄

@Treacletoots I totally agree that a Scottish system would be better.

However we offered back in January in a wholly different climate. The marketing was rising and now it's falling.

I've bought and sold many times and would never lightly pull out of sale as it's not a moral thing to do and I never have before. Financially it affects us too but unfortunately it's the risks we all have to take in our system.

EVERYBODY loves the scottish system - it's brilliant. Reduces so much stress in the purchase so if England could duplicate it that would be awesome (not that I ever plan on moving again). They system we have and the stamp duty is utterly boggling.

I would pull out if the sake and wait for a bargain

In case anyone is interested we requested a 5% price reduction and agreed on a 4% reduction.
The estate agent had a massive go at us about it all and was very very pressuring about not doing it and just going ahead.

However our solicitor advised us that many of his sales and purchases were renegotiating and that we were being conservative.

So I guess in short estate agents will be optimistic but other professionals are a little more realistic......