COVID-19: How will it affect conveyancing transactions?
At Farnworth Rose, we have received a number of questions from clients on the potential impact of the Coronavirus outbreak on residential conveyancing transactions.
With stay at home measures now introduced, the Government has provided guidance on how the home moving process will be affected
In this article, our residential conveyancing experts provide advice on the issues clients may be faced with when buying or selling a home.
How will the conveyancing process be affected by Coronavirus?
Under current government advice, there is no need to pull out of ongoing transactions if you are happy to proceed.
For those moving into a vacant property, you can continue with the transaction. However, you should follow government advice during the move including adhering to social distancing measures.
If the property is currently occupied, it is advised that parties do all they can to agree a delay to the moving date until the stay at home measures are no longer in place.
What happens if you have already exchanged contracts?
If you have already exchanged contracts, government advice is for all parties to work together to agree a delay to the completion.
At Farnworth Rose, our experienced conveyancers will be available to work with the other side’s solicitors to help you come to an agreement on your move.
If it is not possible to delay, you must follow social distancing guidelines by staying away from others during the moving process.
Anyone who has symptoms, is self-isolating, or is vulnerable should avoid moving home for the time being if at all possible.
How will the delay affect a mortgage offer?
It has now been confirmed by UK finance that all lenders are working to extend mortgage offers for up to three months for anyone who has already exchanged contracts for a house purchase.
This aims to give more flexibility to homebuyers, allowing them to delay moving home until it is fully safe to do so.
Speak to Farnworth Rose for specialist advice on the conveyancing process
At Farnworth Rose, our experienced team of conveyancers are on hand to discuss any concerns and provide any advice necessary during this challenging time.
To speak to a member of our dedicated conveyancing team, call us today on 01282 695 400.
Or, you can arrange a call with one of our experts by completing our quick online contact form here.