The Government have released guidance overnight for parties buying or selling private residential homes that they intend to live in.
Below is a summary of the relevant points:
First and foremost, they want people to stay at home and away from others. The priority has to be people’s health.
• They ask that parties involved adapt and be flexible to alter the usual processes.
• If the property you are moving to is vacant then you can continue with the transaction, but you must follow guidelines. Whilst you might be moving into an empty property, if you have a chain below you then the same will not apply.
• Where the property is occupied the advice is to seek an alternative date for when it is likely the stay at home policy is no longer in place.
• Agreeing with banks to a three month extension to mortgage offers for parties affected.
• Working with conveyancers to develop a standard legal process for completion dates being moved.
• If you have already exchanged contracts on an occupied property all parties should work to agree a delay to the completion.
• If you are unable to agree a delay parties must follow advice and keep to social distancing guidance.
• If the property is vacant you can exchange contracts and move as long as you adhere to guidelines on social distancing.
• If the property is occupied, it is advisable to delay exchange until stay at home measures are lifted.
For those parties yet to bring their house to market the following advice applies:
• There should be no visitors to your home. That includes estate agents and prospective purchasers
• Use the time gathering the information on your home in preparation for marketing to begin.
If your property is already on the market
• You can continue to advertise your property but people are not permitted to view whilst in lockdown
• You are free to accept offers, but the process is likely to take longer.
• You cannot allow surveyors into your property if it is occupied
There are guidelines that apply to those involved beyond the seller and buyer. Those specifics are available via the link below.
Our lines remain open so should anybody want to talk further regarding these guidelines then please do not hesitate to contact our office on 01926 857244.