The government last night (26 March 2020) released some welcome guidance about Home Moving during the current coronavirus (COVID-19) outbreak. The guidance is intended for Buyers and Sellers; and also for conveyancers, removal companies, agents, lenders and surveyors.
Although the guidance is clear that there is no need to pull out of transactions, it is important for all of those involved in the process to be mindful of those who are presenting symptoms, self-isolating or shielding. The government are urging parties involved in home moving to adapt and to be flexible to alter their usual processes.
We have successfully completed a number of property transactions over the past few days; with thanks to technology and to the experience and intelligence of the parties and our counter-parties. We expect to complete plenty more transactions over the coming few weeks. However, this is entirely a “case by case” situation; and, for example, when mortgage lenders and “chains” are involved, a great deal of extra work and flexibility will be required.
Where contracts have been exchanged: early conversations, careful monitoring and occasional adjustments agreed by sensible parties mean that completion can go ahead. One seller was kind enough to taxi their Transfer to us (with their conveyancers’ consent) to enable our client to complete her purchase the same day.
Where contracts have not been exchanged, you should have a long conversation with your conveyancer – then the agent, other party, removers and so forth – about the implications of exchanging; and the prospects of completing.
Please read the guidance if you are involved in a sale or purchase at the moment.
For further advice specific to your own circumstances, please contact a member of our Property team.