House Prices To Fall In Ni

[pumpjack]

Heres hoping.
Im in mid of buying home, lawyer etc ready to close deal but wants me back home to personally sign contract though im stuck abroad.
Anyway was going to offer a 10% reduction on price hoping vendor will take it.
Zoopla prediction prices could crash 13%.... i think maybe more as many many people losing jobs and these days are just far too uncertain. Maybe a 2nd wave ?
We are going into a depression not a recession.
Vendor has been waiting to sell this place since 1st feb or before, im cash buyer....
What do you think

[JimF]

"We are going into a depression not a recession."

I think you're almost certainly correct and, the longer the lockdown continues, the worse the depression will be. It will affect pretty much every line of business. And, before anyone suggests otherwise, I'm absolutely not suggesting risking further loss of life by lifting the lockdown too early...

[gness]

You don’t need to be in the same country to close the deal.

[pumpjack]

My solicitor said i did need to be in the country to sign the deal.
Is she wrong ?

[barry1010]

I've never been present when contracts are exchanged as I have signed the contract in advance. These days you can sign the contracts electronically even for conveyancing.
https://www.lawsociety.org.uk/support-services/advice/articles/signing-and-exchanging-documents/

[fiction-factory]

Are you still trying to get back - you were a month ago. Is there any prospect of getting back?

[AuntPollyGrey]

Firstly, normally you do not need to sign the Contract in front of the Solicitor, you just need a witness to your signature . You say you are ready to Close' the deal -if you have already exchanged contracts then you can't rescind on the price without penalty.

Secondly the contract will already state the amount you and the vendor have agreed to. If this changes then the Contract will have to be re drawn -this is not a big deal, especially if you haven't yet been given the Contract to sign yet.

Its up to you if you want to change your offer (if you can). It depends if you offered the full asking price in the first place and also the status of the vendor - are they dependant on the sale of this property to purchase another one?

I've heard many vendors are taking their properties off the market until the future of the economy is a bit clearer.

[douglas9401]

Not trying to run your life for you but I'd be inclined to get home first, then get a property, especially as you seem dogged by endless bad luck.

[AuntPollyGrey]

Ah douglas just read some 'previous'...…….yes Op get back home before you buy a property, thats if you can still get your cash from your off shore accounts...……...

[Zacs-Master]

If I were selling a house in the current situation (I.e. with no real chance of the move happening until restrictions are eased) I wouldn’t accept any revised offer. If your seller is moving on somewhere, they will be in exactly the same situation (i.e. watching what is happening to property prices).

[gness]

Your solicitor is very wrong which I would find worrying. She should have also mailed you details of how they are working and what you are allowed to do regarding a house sale/move under lockdown.

We are in Ireland and sold a house in the UK. Papers that needed a witnessed signature were emailed and we had them witnessed without breaking distancing rules and posted them back.

Our buyers were able to purchase and move into the house because of how far into the process we were before lockdown and more importantly because the house was empty.

I would be very wary of your solicitor unless there is something we don't know about your purchase.

[AuntPollyGrey]

Solicitors don't email out the Contract, they always post it. Its a legal document which requires witnessed signatures, along with the relevant TR1 forms. Home printed from email attachments /photo-copied are not accepted.

[Zacs-Master]

We had our contracts sent electronically (via the solicitors email/website) which we then printed off, signed and returned by post.

[gness]

You are completely wrong, Polly.
Zacs is correct. It is exactly what happened in our sale.

[barry1010]

Polly, read my link from The Law Society.

[AuntPollyGrey]

I am not 'completely wrong' and have probably seen more Contracts of Sale than you have made hot dinners. Maybe the rules are changing now within some firms, but all the firms I know (and have worked for) mail out original paper copies only.

Barry1010 I suggest you read your own link and refer you to 'Wet Ink signing, and those documents that require it.

[MartinMillar]

Could it be different in NI a lot is you know.

[gness]

Pumpjack. Please don't make any decisions based on Polly's information.
She is completely wrong and bear in mind we have just sold a UK house whilst on lockdown in Ireland.
Your solicitor should know all the new rules that have been put in place just now to help those who were part way through a sale or purchase when the world changed. Good luck.

[barry1010]

Polly, my link makes it clear that he doesn’t have to be in the country.