Our Guide to Buying & Selling Property During the Current Covid-19 (Corona
On Monday 23rd March the Government set out new regulations in respect of High Street trading premises and social distancing. This means that our offices are currently closed to the public and we are currently unable to undertake ‘physical’ property market appraisals or viewings.
THE GOOD NEWS!
The good news is however that our highly experienced team can undertake ‘desk-top’ market appraisals, providing you with a realistic guide price of your property for marketing purposes. We will then be able to follow these up with a visit to your property as soon as we can. In the meantime, we can make a start on the paperwork in order to get your property ready to place fully on the market once restrictions are lifted. If you are keen to get your property onto the market immediately please call us to discuss the options available to you in the short-term, including the use of your own photos. We can potentially get your property on the market now and uploaded live onto the property portals such as Rightmove, Zoopla & On The Market so that we can register interest and get potential viewers lined up.
Although we are unable to undertake physical property viewings at present, we are also looking at offering ‘virtual’ viewings where possible with the assistance of our vendors. We do of course also provide detailed fully descriptive property brochures on our pre-listed properties, rather than just a list of room measurements, together with a good selection of interior and exterior high-quality photos to provide you with a realistic impression of the property you may be interested in. We would of course always recommend a physical viewing of any property prior to committing on a purchase.
Call us now on 01227 374010 or email email@example.com to see how we can assist you in your property sale or purchase at this current time.
Please find below the current Government Information and Guidelines on Home-moving during the Covid-19 outbreak, published on 26th March 2020 which we hope will be helpful.
Buying and selling homes during this stay-at-home period
Agreeing with banks that mortgage offers should be extended where delay to completions takes place in order to prioritise safety.Given the situation in the UK with regard to the outbreak of coronavirus (COVID-19), we urge parties involved in home moving to adapt and be flexible to alter their usual processes.
There is no need to pull out of transactions, but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding. Prioritising the health of individuals and the public must be the priority.
Where the property being moved into is vacant, then you can continue with this transaction although you should follow the guidance in this document on home removals.
Where the property is currently occupied, we encourage all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay-at-home measures against coronavirus (COVID-19) will no longer be in place.
In the new emergency enforcement powers that the police have been given to respond to coronavirus, there is an exemption for critical home moves, in the event that a new date is unable to be agreed.
Recognising parties will need to alter common practice, we have sought to ease this process for all involved by:
1. Issuing this guidance, developed with Public Health England, to home buyers and those involved in the selling and moving process.
2. Agreeing with banks that mortgage offers should be extended where delay to completions takes place in order to prioritise safety.
3. Working with conveyancers to develop a standard legal process for moving completion dates.
Advice to the public
What does this mean for my property move which is scheduled whilst the stay-at-home measures to fight coronavirus (COIVD-19) apply?
What if an extension goes beyond the terms of a mortgage agreement?
UK Finance have today confirmed that, to support customers who have already exchanged contracts for house purchases and set dates for completion, all mortgage lenders are working to find ways to enable customers who have exchanged contracts to extend their mortgage offer for up to 3 months to enable them to move at a later date.
If a customer’s circumstances change during this 3 month period or the terms of the house purchase change significantly and continuing with the mortgage would cause house buyers to face financial hardship, lenders will work with customers to help them manage their finances as a matter of urgency.
If your home is not yet on the market
Getting your home onto the market may be more challenging than usual in this period. There should be no visitors to your home.
You can speak to estate agents over the phone and they will be able to give you general advice about the local property market and handle certain matters remotely but they will not be able to start actively marketing your home in the usual manner.
If your property is already on the market, you can continue to advertise it as being for sale but you should not allow people in to view your property.
The buying and selling process can continue during this period but you should be aware that the process is likely to take longer than normal.
Once you have exchanged contracts, you have entered into a legal agreement to purchase that home.