In our latest article, Alison Treble Residential Property Partner, explains the ‘new normal’ when it comes to buying and selling homes during Covid-19.
The current Government advice is that people should delay moving to ensure that rules on social distancing and self-isolating can be adhered to. Residential Partner, Alison Treble, discusses the options are available to those who have already started the process and also for those currently looking to move.
If your property is already on the market, continuing to advertise it as being for sale is fine. Potential buyers have never had more time to browse the web to find their dream home and so it could work in a sellers favour. Obviously you should not allow people to view your property at this time.
If you receive an offer on your property then you are free to accept but be aware that the process is likely to take longer than normal due to current restrictions.
Once you have exchanged contracts, then you have entered into a legal agreement to purchase that home. At this time we recommend that all parties should work together to agree a delay, unless the property you are purchasing is unoccupied then continuing with the transaction is acceptable providing you follow advice on social distancing.
In instances where moving is unavoidable as parties are unable to reach an agreement to delay, then we will work with you to continue the process as quickly and safely as we can.
UK Finance have confirmed that, mortgage lenders are working with customers who have already exchanged contracts and set dates for completion, to extend their mortgage offer for up to 3 months.
What if a buyer’s financial situation changes during the delay?
The current crisis is affecting us all in different ways and no one knows how long this could continue but during the delay a buyers circumstances change and continuing with the mortgage would cause financial hardship for a buyer, lenders are committed to work with customers to help them manage their finances.
We would urge everyone to follow advice on social distancing and take all sensible precautions to ensure a move can happen safely. If anyone has Covid-19 symptoms then they should not move.
If you have any questions at this uncertain time, please contact our Residential Conveyancing team today on 0800 533 5349 or email email@example.com we are working remotely but ready and able to help you.