What Is The Latest Government Advice?
If the coronavirus is disrupting your plans to move house imminently, here is some guidance and tips to make the most of your time in isolation.
The latest news from the government has urged people not to move house in the midst of the coronavirus. As banks are increasingly applying pressure for the property market to be suspended entirely, there are concerns that accommodation is being valued at particularly low prices, whilst financial institutions are understandably concerned about the ramifications of providing mortgages to buyers, when many people are unsure of their financial status over the next few months.
Whilst it might make sense for most vendors and buyers to wait a few months and see how the land lies once we’ve flattened the curve of Covid-19, those in a particularly precarious situation are buyers and sellers who have exchanged contracts but haven’t yet completed the agreement. So, what should be done about this challenging conveyancing scenario?
At this point in time, the government has specified that there ‘is no need to pull out of transactions’ and that people can still go ahead with their move, but should observe the social distancing regulations whilst doing so. This means that we should stay home and away from others in order to halt the spread of the virus. For most people, this would make moving home extremely difficult, but if you’re moving into accommodation which has been vacant for a number of weeks then this would be ok. In terms of removals, it would be best to carry out your own removals as many firms are not able to operate due to the social distancing rules, but this would of course be dependent on the volume of belongings you have.
What Can Potential Home Movers Do In The Meantime?
If you’ve already had an offer agreed on a property, but haven’t yet exchanged, then the best thing to do is hang tight and wait for the virus to subside enough for businesses to return to work again. A conveyancing solicitors Essex team explains that quality law firms will still be able to offer legal advice whilst working from home, and modern communication tools including conveyancing portals as well as Skype or email should enable an open dialogue between buyers, vendors, estate agents and the representing conveyancing teams. Whilst property viewings and surveys won’t be able to take place at this time, it should be possible for basic conveyancing searches to still progress behind the scenes and for solicitors to negotiate with each other.
Ready To Sell Your Property
If you’re not quite at this stage and know that you want to sell your home in 2020 but haven’t yet found a buyer, then self isolation could be a fantastic opportunity for you to spruce your property up and get it looking top-notch. Whether you need to paint your front door, Marie Kondo your lounge or repair a broken window sill, getting started on these small jobs can help to increase the appeal of your property to potential buyers when they start flocking through the door a couple of months from now. Those a little further down the moving home funnel can use the time to start organising their belongings in advance of their move. When else will you have weeks at home to carry out these small-scale projects?
There’s no doubt that the coronavirus has been disruptive to the housing market, but those who are still set on moving house this year should still have plenty of opportunities available to them – the trick is to make the most of the lockdown so you’ll be raring to go once it’s all over!