At Hibberts we understand that buying and selling a house is an exciting time but it is also very stressful – and now there is the added complication of Coronavirus. Our team of specialist conveyancers answer some of the most frequently asked questions on moving house during the coronavirus lockdown period.
Can I still move house whilst lockdown is still in place?
The current government guidance is if the buyer is moving in to a vacant property and can follow the social distancing guidance then you can complete the transaction. Where the property is occupied all parties should be encouraged to delay the move until the current guidance is lifted. If moving is unavoidable and all parties are unable to reach an agreement to delay then the social distancing guidance must be followed. If you have exchanged you should check with your removal company to check that they are still able to assist with the move.
Will my sale/ purchase be put on hold completely?
If you have not exchanged then it does not mean that your matter is unable to progress. Our conveyancers are continuing to work on all matters so that you are ready to move when the government guidance is lifted, we can look to agree dates for exchange and completion.
In line with the latest government advice, anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice. This will mean not moving house for the time being, if at all possible. All parties involved should prioritise agreeing amicable arrangements to change move dates for individuals in this group, or where someone in a chain is in this group.
I have a mortgage offer – will it expire?
A small number of lenders have withdrawn their higher loan to value mortgage products due to the current uncertainties. Different lenders have taken different approaches and you should check with your individual lender as to whether you are affected. If your financial circumstances change due to the current situation you are under a duty to inform your lender.
With regards to those that have exchanged and are unable to move the UK Finance have confirmed that for anyone that their mortgage offers will be extended for three months to allow them to move at a later date.
If your 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 you are thinking of moving home or your property is up for sale at this difficult time, contact our conveyancing solicitors for the latest advice. For more information, visit us at www.hibberts.com/service/conveyancing-residential/ or email firstname.lastname@example.org