What is the Government’s Advice?
The government has stated that there is no blanket need to pull out of transactions, however, public health must remain the priority. If the property is vacant, then the transaction can continue as long as the removal companies follow current government lockdown measures.
However, where the property is currently occupied, the government is encouraging all parties to amicably agree alterative dates to complete the move. It has confirmed that, despite the police’s emergency enforcement powers, there is an exemption for critical home moves.
Can I Delay My House Move?
If you have yet to exchange contracts, then it is entirely possible to delay exchanging contracts as you have yet to enter into a binding agreement in relation to the date of the move.
If you have exchanged contracts already, it is still possible for the parties to negotiate a delayed completion date. This should be done with the assistance of your solicitor and estate agent. The government has specified that parties should make all attempts to agree a delay when the property is occupied.
Can I Move If We’ve Exchanged Contracts?
If you have exchanged contracts, you are able to complete the move subject to weighing up certain factors.
Where the property being bought is occupied, every effort should be made to delay the transaction. If it is vacant, then the need to delay is less stringent. However, a delay should still be considered in any event to help minimise the potential spread of coronavirus.
It’s worth pointing out that while removal firms are being told to honour their existing commitments, this is limited to situations in which it can be done safely and that it is clear that the moving date cannot be moved. This seems to suggest that if the removal firm isn’t sufficiently satisfied that efforts were made to find an alternative date, then they could refuse to honour the booking.
What Can I Do About the Terms Of My Mortgage Agreement?
On 26 March 2020, UK Finance confirmed that all mortgage lenders will extend mortgage offers by up to three months to enable buyers to move at a later date. During this period, if the buyer’s financial position significantly changes, the lender will work with them in order to find a solution as a matter of urgency.
What If I Want to Sell, But My Property Isn’t On the Market Yet?
Getting your property onto the market will be more difficult during this period. However, there are a number of preparatory steps that can be taken. Estate agents can still be contacted by phone or email and they will be able to offer advice on local property markets. Doing your research during this period of lockdown will ensure the sale of your property will run as smoothly as possible when things start moving again.
However, it’s important that you avoid inviting anyone into your home, either estate agents or prospective buyers, as this would breach the government’s current lockdown terms.
Can I Accept Offers and Exchange Contracts?
It is possible to accept offers during this period – whether this is advisable or not will depend on circumstances.
The exchanging of contracts is a legal, binding agreement to buy or sell a property, and should be done with extra care during the current coronavirus period.
To sum up, if the property to be purchased is vacant, then you can continue with the transaction. However, if it is currently occupied then exchange should be delayed until after the current lockdown measures are lifted. Alternatively, explicit contractual provisions might be included to take into account of the risks presented by the virus.
In any event, it is important not to meet in person with prospective buyers or advisors, nor for them to visit your home.