Buying & selling property during Coronavirus lockdown
The first piece of advice I have is to try and stay calm. Understandably this is easier said than done, but it’s important to remember that everyone is in the same situation.
We are reviewing the situation regularly as it evolves but the latest government guidance (27th March 2020) for buying or selling property is that it should be put on hold wherever possible.
If you have already exchanged contracts it is important to ensure that if you proceed to completion you will be able to comply with the social distancing measures which are now in place. In practice this may be difficult particularly if there is a chain involved or you are reliant on removal companies.
The best advice is to delay your move. If all parties agree to this then your conveyancing solicitor can vary the terms of the contract to set a new completion date.
If you are yet to exchange contracts, the government’s guidance is to wait. This is due to the many moving variables which are out of our control. For example, banks not being able to cope with mortgage demand, mortgage offers being withdrawn, social distancing etc.
If the property you are selling or buying is unoccupied then there is a possibility that the transaction can still continue but this will need to be reviewed on an individual basis.
At Gregg Latchams we are continuing to progress matters so that when the restrictions are lifted, we are ready to agree a completion date and proceed to exchange straight away. Our conveyancing team are all working remotely and able to continue working as usual.
If you would like advice and support with a residential conveyancing issue, please contact our specialist conveyancing solicitors in Bristol. Call 0117 906 9400 or email firstname.lastname@example.org
Note: Should you need to send us any signed documents you can still post these to our office address and they will be redirected to the Conveyancing team.