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Re: Exchange rate
Originally Posted by Tangram
(Post 5329756)
Exactly what we did a few months ago. Did the budget on $2 and anything above that went towards new TV etc. Seemed the safest way of doing it.
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Re: Exchange rate
am starting to worry now in case it goes below 2:1. The house we have fallen in love with we could just about afford (if ours bloody sells) but any lower and we'll have nothing to furnish it with / no cars / and certainly no plasma :eek:
Looks like we'll be cross border shopping ;) |
Re: Exchange rate
Originally Posted by mandymoochops
(Post 5332541)
am starting to worry now in case it goes below 2:1. The house we have fallen in love with we could just about afford (if ours bloody sells) but any lower and we'll have nothing to furnish it with / no cars / and certainly no plasma :eek:
Looks like we'll be cross border shopping ;) To do it over again? No way would I buy a property over their until we sold ours here. Go into rental until you're sure of a property and have the cash in the bank. Easy to say now of course, logically. But unfortunately we're not Vulcans when we need to be. |
Re: Exchange rate
Originally Posted by steve666
(Post 5332504)
You got a short memory lol, you were in a state of flux over the mid rate being 2.11 last month.;)
My sympathy to you tho, you're a brave man doing what you're doing. I waited on this side of the Atlantic for 5 months without family to avoid that situation.... not actually sure which situation is better lol. |
Re: Exchange rate
To be fair to you Steve the problem is really with the legal system in the UK - when you agree to buy a house in Canada its firm and final and you are legally bound. But in the UK its a joke! You hear all these people going around saying they have "sold" their house but in reality they haven't at all - they just have someone who is interested that could pull out at any stage. Until contracts are exchanged (which usually only happens right at the end) the house is not sold at all. It is ridiculous.
If the UK had a sensible legal system they buying a house in Canada would be easy. At the time of signing the Canadian purchase agreement the best thing to do would be to "book" an exchange rate (thus removing the risk" so you know exactly how many dollars you would have on the closing date. |
Re: Exchange rate
Originally Posted by steve666
(Post 5332500)
That's what I've been told will happen from my lawyer over there if I don't close by Oct 1st. I guess it's down to how bolshy the seller wants to be.
You're not thinking of pulling out from your sale already are you Howard?:) |
Re: Exchange rate
Originally Posted by NSpaul
(Post 5333794)
To be fair to you Steve the problem is really with the legal system in the UK - when you agree to buy a house in Canada its firm and final and you are legally bound. But in the UK its a joke! You hear all these people going around saying they have "sold" their house but in reality they haven't at all - they just have someone who is interested that could pull out at any stage. Until contracts are exchanged (which usually only happens right at the end) the house is not sold at all. It is ridiculous.
If the UK had a sensible legal system they buying a house in Canada would be easy. At the time of signing the Canadian purchase agreement the best thing to do would be to "book" an exchange rate (thus removing the risk" so you know exactly how many dollars you would have on the closing date. |
Re: Exchange rate
Originally Posted by NSpaul
(Post 5333794)
To be fair to you Steve the problem is really with the legal system in the UK - when you agree to buy a house in Canada its firm and final and you are legally bound. But in the UK its a joke! You hear all these people going around saying they have "sold" their house but in reality they haven't at all - they just have someone who is interested that could pull out at any stage. Until contracts are exchanged (which usually only happens right at the end) the house is not sold at all. It is ridiculous.
If the UK had a sensible legal system they buying a house in Canada would be easy. At the time of signing the Canadian purchase agreement the best thing to do would be to "book" an exchange rate (thus removing the risk" so you know exactly how many dollars you would have on the closing date. We've bought a house in Calgary and fortunately had sold our UK house (exchanged) and completing on the 5.10. We planned ahead and "booked" a rate with Halo Financial at 2.14....weeks before, so all was well I thought, but the greedy chap at Halo put a big fat spread on that rate, so when it hit 2.146 on the 12th Sept we thought..sorted..got our money. How wrong were we....because of his big fat spread the order didn't trigger, nor did they ring ang guess what we didn't get our money.... My advice use a reputable co that is honest and doesn't try and rip you off, find out how man pips they have on your cash and then you know where you are. At the moment we've lost thousands due to someones greed!!!! |
Re: Exchange rate
Originally Posted by Tangram
(Post 5333771)
Yeah coz the rate I was expecting wasn't what I was getting. The market I couldn't do anything about, the apparent fleecing was what got me.
My sympathy to you tho, you're a brave man doing what you're doing. I waited on this side of the Atlantic for 5 months without family to avoid that situation.... not actually sure which situation is better lol. |
Re: Exchange rate
Originally Posted by NSpaul
(Post 5333794)
If the UK had a sensible legal system they buying a house in Canada would be easy.
Fortunately I just read that prices dropped 2.5% in the UK last month, though I don't know how true that is. Selling will be a lot easier after a couple of years of drops like that. |
Re: Exchange rate
Originally Posted by MarkG
(Post 5334845)
The legal system isn't what makes selling a house in the UK difficult... it's the fact that the average house is now roughly eight times the average salary.
Fortunately I just read that prices dropped 2.5% in the UK last month, though I don't know how true that is. Selling will be a lot easier after a couple of years of drops like that. |
Re: Exchange rate
Originally Posted by MarkG
(Post 5334845)
The legal system isn't what makes selling a house in the UK difficult... it's the fact that the average house is now roughly eight times the average salary.
Fortunately I just read that prices dropped 2.5% in the UK last month, though I don't know how true that is. Selling will be a lot easier after a couple of years of drops like that. |
Re: Exchange rate
Originally Posted by Danny B
(Post 5335036)
I paid slightly over 8x my annual Cdn salary for my house here in Kamloops and prices are still rising high.
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Re: Exchange rate
Originally Posted by NSpaul
(Post 5333794)
To be fair to you Steve the problem is really with the legal system in the UK - when you agree to buy a house in Canada its firm and final and you are legally bound. But in the UK its a joke! You hear all these people going around saying they have "sold" their house but in reality they haven't at all - they just have someone who is interested that could pull out at any stage. Until contracts are exchanged (which usually only happens right at the end) the house is not sold at all. It is ridiculous.
If the UK had a sensible legal system they buying a house in Canada would be easy. At the time of signing the Canadian purchase agreement the best thing to do would be to "book" an exchange rate (thus removing the risk" so you know exactly how many dollars you would have on the closing date. |
Re: Exchange rate
Canadian dollar ony a cent away from parity with the U.S. Dollar...
Poodles to it. |
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