Residential Property: Selling and Buying

Selling and Buying residential property during the Coronavirus Outbreak brings with it certain difficulties.

We recommend that you carefully read the Government’s Advice on moving home.

There is no need if you are selling and/or buying to immediately withdraw from your transaction, but it is imperative that you follow the Government’s guidance on moving house, the guidance on social distancing and take the recommended measures for self-isolating and shielding.

The general advice is to delay exchanging contracts and completing during the lockdown period. If the property you are purchasing is empty you may be able to proceed. If you have already exchanged contracts, then all parties should try and agree a delayed completion date.

If you are buying a house with mortgage finance and contracts have been exchanged, you are advised to speak with your mortgage lender. Mortgage lenders are working towards extending mortgage offers for 3 months.

New transactions may be more challenging than usual. There are likely to be delays with property viewings, mortgage applications, mortgage valuations, building completion inspections, search results, the signing of paperwork and transfer of funds.

If you have any questions relating to a Residential Property matter, please contact in the first instance Kathy Carr

01726 67660