To most, every day feels like Groundhog Day, with normality seemingly very far away. However, taking steps now to plan and be organised is the best course of action. As with the roads, the housing market will be busy once lockdown is relaxed, so being ahead of the game will be paramount.
Although the Government has urged parties involved in home moving to adapt, be flexible and to alter their usual process, the entire market has not come to a standstill. Buyers don’t need to pull out of buying a home and sellers can continue to move forward with their house purchase process or search for their ideal property. People simply need to follow the guidance set by the Government; only move if you have to and are able to practice safe social distancing.
Safe moves?
- Where the property being sold is vacant, you can continue with the transaction.
- If you are buying a Right to Buy property from the Council, you can still continue with the buying process and complete once the legal work is ready.
- If you are buying an empty property, or if you are buying the property you currently live in, this matter can still proceed in the normal way.
Occupied properties
Where a property is currently occupied, the Government encourages completions to only occur once the lockdown is relaxed. If an exchange of contracts has already taken place and the property is occupied, then all parties are encouraged to reach an agreement to delay the moving date. There are legal provisions in place to allow this to happen. UK Finance have agreed to support customers who have already exchanged contracts for a house purchase and most mortgage lenders are looking to extend their mortgage offers for up to 3 months, enabling people to move at a later date when it is safe to do so.
Is anyone still working?
Most law firms are still working, even if that consists of working part time in the office, working from home, or working with a restricted workforce due to furlough. Estate Agents, Local Councils, Water Authorities, Search Providers, the Land Registry, HMRC, Financial Advisors, and Banks and Building Societies are all still working, although some with restricted facilities.
When should I think about putting my house up for sale?
The perfect time is now; with interested buyers having more time on their hands to hunt for a new property. Estate Agents can still look to market your property during this lockdown period. Marketing teaser ads can be placed, which will encourage a bank of viewers to be lined up, ready and waiting to book to view your property as soon as lockdown measures are relaxed. Also, instructing a Conveyancer now to act for you with your sale will help aid with your planning too, as the Client Care Pack (which includes a few forms) can be filled in, in advance of securing a buyer.
Being organised will put you ahead of the game, with the flurry of activity in the property market that is set to follow the end of lockdown.
Can I continue to sell my house during lockdown?
Absolutely. The Estate Agents can continue to advertise your property and they are offering new ways such as virtual tours, continued Rightmove adverts and contacting their pool of potential buyers matched with your property type. If a viewing is essential, the date set can be fixed swiftly once the lockdown is relaxed or lifted. Some offers are still being placed and house sales are taking place, so remain positive. The demand is still there; it’s just a new way of selling with the tools available.
I’ve found a property to buy, do I have to wait?
No; simply get the wheels in motion. You can instruct a Conveyancer to act for you with buying the property and the process can commence. There will be delays with your Mortgage Offer and Valuation, but the relevant application may be able to be submitted, or the information gathered may be prepared, ready to submit when the time is right. Most law firms are conducting “business as usual” even if that is at a slightly slower pace, which means the Contract Pack will be issued and your property searches can be applied for. The legal work can commence behind the scenes and you can sign as many of the legal documents in advance of the lockdown being relaxed. Once all is in place, a date for your move (a completion date) can be discussed so once the lockdown is relaxed or lifted; you are ready, steady, go…to making your move a reality!
Buying and Selling will still continue, the key is using this down time to plan, do your research and follow the advice of your Conveyancer.
To speak to a member of the conveyancing team call Winston Solicitors on 0113 320 5000 or email conveyancing@winstonsolicitors.co.uk
