Further advice has now been issued by the Government to help home movers during this period. Far from being a ban or suspension of the housing market as a whole, which some news outlets are reporting, we have all been offered some sensible advice which has safety and the prevention of the spread of coronavirus at its heart but also confirmation that matters can still progress and completions can still take place in certain circumstances to allow the housing market to continue and ensure that once it is safe to do so people can pick up their lives and move on.
The guidelines urge parties involved in home moving to adapt and be flexible to alter their usual processes, something we at Ward Gethin Archer are already perfectly placed to do. We already have the majority of our team working remotely to enable our clients transactions to progress in accordance with the recommendations. We are very much open for business and our friendly and approachable team, are available to talk you through your matter on the phone, to respond to emails and deal with matters remotely. We have already instigated the majority of the steps now recommended. We have also altered some of our practices to make it easier for clients to instruct us at this time.
The guidance makes it clear that there is no need to pull out of transactions, but for the present time we should all follow the guidance to stay at home and away from others at all times. Health is of course a priority.
Sale or purchase of a vacant property
Where the property that is being sold or purchased is vacant then the transaction can be completed although the advice with regard to home removals should be followed. We are continuing to support this position and have been doing so since the stay-at-home measures were announced.
Surveyors have been advised that they can carry out some work online and can carry out urgent surveys on empty properties.
Sale or purchase of an occupied property
Parties here are encouraged to agree an alternative date to move so that it occurs at a time when it is likely that stay-at-home measures against coronavirus will no longer be in place. On these transactions we will continue to work as normal to get matters to the point of exchange so that once the restrictions on moving around are lifted we can progress quickly.
It may be that we need to delay exchange or depending on agreement between the parties to the transaction we may well be able to exchange contracts with a more flexible completion date than usual to ensure that the date is at a time when the stay-at-home measures have been lifted.
Transactions where contracts have already been exchanged
Once contracts are exchanged the parties to that contract have entered into a binding agreement. The advice asks that where possible any completion date is varied to delay the completion date to a time when the stay-at-home measures are no longer in place. We have found so far that parties are being very co-operative and amicable recognising that we are all in the same position and that delays are an exceptional circumstance at this time.
UK Finance have confirmed that in order to support customers who have exchanged contracts that mortgage lenders are already working to find ways to enable those customers to extend their mortgage offer for up to 3 months to allow them to move at a later date. This includes helping customers to manage their finances if their personal circumstances change during this 3 month term or where the terms of the house purchase change significantly so as to cause that customer additional financial hardship.
Where moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay then the move can still take place but it is important to note that people must follow the advice on staying away from others to minimise the spread of the virus. Removal companies have been advised to honour existing commitments where it is clear that the move can be done safely and it is clear that the date can be moved. There is also an exemption for critical home moves from the emergency enforcement powers that police have been given to respond to the coronavirus.
We are doing our utmost to support our clients who have exchanged contracts to find a solution that is workable for them and will continue to do this.
Properties not yet sold
If your property is not yet sold, but is already on the market, it can still be advertised for sale. Where your property is not yet on the market this might prove slightly more difficult that usual during the stay-at-home period. However now is an ideal time to contact us in either circumstance, we can get a matter started for you and give you advice as to the documents you will need to start gathering together so that you have all of the information ready for a potential purchaser. We are ideally placed to review that information and pre-empt enquiries and resolve any initial stumbling blocks so that once the stay-at-home measures are lifted you can be confident that you are in a strong position to sell and proceed quickly with your sale.
You are also free to continue to accept offers on your property. We can then get the process started as normal.
The full guidance can be found here: https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak . Here at Ward Gethin Archer we encourage all of our staff and clients to follow the guidance to protect the heath and safety of us all as a priority but we are also here to do our bit to ensure that normal life can resume as soon as it possible to do so safely. If you have any queries please do not hesitate to call us on 01553 660033
This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek our specific advice.
