There have been several questions regarding the impact of Covid 19 on conveyancing transactions.
The government has recently released guidance in relation to home buying and selling during the Covid 19 outbreak. The guidance advises for flexibility in the buying and selling process and asks all parties involved to be adaptable and flexible to alter the usual processes.
The guidance states that there is no need to pull out of transactions, however, emphasizes the need to follow guidance to stay at home and away from others at all times including specific measures for those who are presenting symptoms, self-isolating or shielding. It further adds that prioritizing the health of individuals and the public at large must be the priority.
If the property being moved into is vacant, you can continue with the transaction although you must follow the guidance in relation to removal. Where the property is currently occupied, all parties are encouraged to do their very best to agree with alternative dates to move, for a time when it is likely that the stay-at-home measures against COVID19 will no longer be applicable.
UK Finance has also confirmed that it will support customers who have already exchanged contracts for house purchases and set dates for completion. All mortgage lenders are working to find ways to enable customers who have exchanged contracts to extend their mortgage offer for up to three months to enable them to move at a later date.
If your property is already on the market, you can continue to advertise it, however, you should not allow anyone into the property to view it. Your estate agent may be able to conduct virtual viewings.
We at Connaught’s are here to support our clients in these difficult times. We will continue to focus on our clients best interest and the interest of the public using a practical and common-sense approach.
We are happy to talk through any concerns that you may have and are available to speak to any potential clients who may be worried as to whether they should continue with the transaction during this time.
Please do not hesitate to call us any time or to refer us to anyone who may like a free consultation. Kindly note that all our contact numbers remain the same. Our team is fully accessible by telephone and email.
Note: This is an evolving and ever-changing situation in which new guidance and measures are being made daily. We will endeavour to keep you updated of all new developments.
