Covid-19 and Property Transactions

stop property transactions
Transactions may need to be put on hold during this phase of the Covid-19 pandemic.

Last week the government issued some new advice regarding anyone who planned to complete on a property transactions in the coming few weeks. The government is urging parties involved in home moving to adapt and be flexible to alter their usual processes.

Where the property being purchased is vacant then the transaction could go ahead as planned. Otherwise people are advised to delay the transaction if they possibly can and to try and find an alternative date in the future.

Obviously some transactions may be urgent and unable to be delayed and caution should be taken in these cases.

Lenders have also cleared the way for mortgage offers to remain open for a significant amount of time in order for the completion of the purchase to be delayed.

In particular if someone in a chain is in the group who have been advised to self-isolate or be shielded, then all members of the chain are advised to try and come up with a different date for the moves.

If you are thinking about moving home or putting your house on the market then now may be a good time to assess your property, do any work yourself that you could reasonably do to make it look better, and clearing away any clutter in preparation for marketing the property.

If your house is already on the market then you obviously cannot have any visitors to view your house so perhaps you could make a video of your property yourself to add to the current marketing materials that are available to prospective purchasers.

You can see the full guidance notes here.

Covid-19 and Property Transactions

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