Conveyancing during Covid-19 lock down – latest update 27/3/20
25th March 2020
We are updating this page frequently.
Conveyancing has been greatly affected by the Covid-19 lockdown.
The nature of moving house is very stressful at normal times and it has become even more so with all the uncertainty of the current situation.
The current advice is that if you exchange on contracts you need to move otherwise there are financial penalties. Please contact your solicitor for advice.
Therefore everyone in the transaction needs to be ready – this means both seller and buyer, mortgage lender, both side solicitors, removal men, etc.
It also means that if you are over 70 and self-isolating as per government guidelines that it would be sensible to defer a move until after at least 12 weeks.
If a buyer is purchasing a house where the seller is affected by coronavirus and is self-isolating the move cannot go ahead and the buyer may wish to have the house deep cleaned before moving in.
We are aware that some solicitors on the other side of our transactions have closed their offices which means that it is impossible for us to proceed. Some Estate Agents are also closed.
Some Lenders are withdrawing mortgage offers.
When we request funds to complete it is taking 5-7 days for Lenders to process funds and some Lenders are not releasing funds.
So many problems and issues!
This is the up to date Government Advice dated 26th March: https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak
The Law Society has published some advice for solicitors: https://www.lawsociety.org.uk/support-services/advice/articles/covid-19-and-residential-conveyancing-transactions/
Please be patient with us as we are trying to help as much as possible.
Contact us on 0191 4555361.
Please read our daily updated advice: https://www.hannayslaw.co.uk/
This is a link to an informative article from the Daily Mail: https://www.dailymail.co.uk/news/article-8150357/Chaos-housing-market-banks-stop-mortgage-lending.html
This is a link to a SKY NEWS article published 27th March: https://news.sky.com/story/coronavirus-britons-told-not-to-move-house-in-another-blow-to-uk-property-market-11964301