This is a challenging time at the moment but particularly if you are in the middle of buying or selling your home.
At Attwells Solicitors we pride ourselves on jargon-free law with our core proposition being conveyancing. Since the outbreak of the Coronavirus our ‘moving you faster’ tagline has been challenged however with the right advice you can still start the conveyancing process now.
Many estate agents in Ipswich, Colchester and London are offering virtual property tours, allowing viewing online. Mortgage applications can also be made online and some mortgage providers have extended their mortgage offer period.
It is also likely mortgage providers such as banks and building societies will take into consideration any reduction in earning due to the coronavirus outbreak, consequently those furloughed will not be at a disadvantage when buying a new home.
Can I still exchange my contract during the coronavirus outbreak?
Although this is a personal decision there is no legal reason why you cannot exchange contracts. At Attwells we are ensuring that protections are added to the contract, to allow for a flexible completion date.
This is in line with the government guidelines which asks parties to “adapt and be flexible to alter their usual processes.” The government goes on to state “There is no need to pull out of transactions.”
Can I still exchange and complete on my property transaction if the property is empty?
If the property you are purchasing is unoccupied the exchange and completion in light of the Coronavirus is a lot simpler. This is good news for property investors as the Government has outlined these transactions can go ahead as normal, although a simultaneous exchange and completion would be advisable.
What happens if I’ve already exchanged my contracts, can I move?
If you have already exchanged contracts, then you should speak with your conveyancer or solicitor as soon as possible. They will then negotiate an extension if it is not safe to move. As the Coronavirus is a national crisis it is extremely unlikely a notice will be served to take legal action.
For more information regarding conveyancing or for help and advice regarding a property law matter please call Lisa Nyland on 01206 239760.
Completion date: Is the date when payment is made by the buyer’s solicitor to the seller’s solicitor to purchase a property and the legal transfer of the property takes place. This is also the day you receive the key and can move in.
Exchange of contracts: Is when your solicitors make the offer legally binding and fix the completion date. At this time a deposit is typically paid by the buyer’s solicitors to the seller’s solicitors.
Serve Notice: Is a formal warning of one parties’ intention to bring the exchange of contracts to an end.