Everybody in the country is feeling uncertain during these unprecedented times, who would have thought that we would have to go into total lockdown during our lifetime.
There has been concern that the property market will suffer the most, but at Wollens we have not seen any evidence of this, we are still actively moving sales and purchases forward and taking on new instructions. At Wollens we have found that most clients have been willing to wait until the restrictions were lifted before proceeding with transactions and as everybody has been in the same boat, co-operation and consideration has been paramount.
Now that restrictions have been lifted albeit with some provisos, the property market appears buoyant, but only time will tell.
Your house move can take place as long as the social distancing is still observed. Removal companies are now starting to make bookings, although they are now on “catch up” and diary slots are at a premium.
The best way forward is to agree a simultaneous exchange and completion, which means that exchange and completion will take place on the same day, to ensure that all monies are in place before exchange. You don’t want to exchange on your sale and/or purchase and then find on the completion day that monies have not arrived from your mortgage lender, bank or from the Government Help to Buy Bonus Scheme. Delay on completion can cause additional costs and interest.
If simultaneous is not possible, then a COVID-19 Clause is being suggested to be added to the Contract to allow events to happen should the lockdown be re-imposed to give parties the opportunity to move the completion date back or rescind the Contract.
Wollens are doing everything that they can to ensure that your property move goes ahead without incident and delay. If you would like to discuss your property transactions or obtain a cost estimate, then please do not hesitate to contact us.
Hilary Amesbury 01626 883514
