The Brexit Clause

With under a month to go until the "In/Out" vote, Brexit is the hot topic.

Whether your views are associated with issues on economy, migration or sovereignty, there is no doubt that the uncertainty over the UK's membership in the EU is having an effect on both the residential and commercial property market.

The Guardian reported this week that law firm Nabarros has inserted "Brexit" clauses in contracts in case the nation votes to leave.

Whilst many developers are playing a game of wait and see, developer Oakmayne Properties have decided to market their development in Elephant & Castle prior to the referendum on the basis that the buyers will have no obligation to exchange unless the result is to remain.

The polls at present appear to suggest that the "In" camp are leading and furthermore, at the bookies odds are in favour for the UK to remain - on the basis that I've never seen a poor bookie (!) it seems that the UK will remain in the EU.

However, if the tide turns, it will be interesting to see how many buyers operate their Brexit clauses and what nationality those buyers are!