Government advice is currently to stay at home, which is prompting buyers and sellers alike to withdraw from transactions. Guidance states, however, that there is no need to withdraw.
For our conveyancing team is it still ‘business as usual’ in so much that we can continue with the conveyancing process, and just delay completion until lockdown is relaxed.
Advice for vacant properties is more relaxed, meaning that you can continue and complete in the usual manner. You must ensure that you can secure a removal company before agreeing on completion dates, though.
Most mortgage lenders have agreed to extend their mortgage offers as they are aware of potential delays. This provides more time to complete the transaction, which is a bonus.
We always recommend that buyers carry out a survey. Surveyors are not currently attending properties, so bear this in mind and do not proceed without a survey. It is better to wait until you have a satisfactory survey before proceeding.
If contracts have already been exchanged with an imminent completion date, you should try to negotiate a delayed completion date with your buyer or seller.
Should you find out that your buyer or seller either has the Coronavirus or is displaying symptoms, you should not move, and must delay completion until it is safe to do so.
If you have any further queries about your conveyancing or house move, please contact Zara Banday, Head of Residential Property.