At Linnitts we endorse the advice from the Government that the health and safety of individuals and the public must be the priority in deciding whether property transactions can proceed during these unprecedented times.
However, there is no need to pull out of your sale or purchase completely
Whilst it is not generally advisable to move into a currently occupied property, the sale and purchase of unoccupied properties can proceed provided the current guidelines from Public Health England and Public Health Wales are observed.
If the sale or purchase of a property is deemed to be critical and it can be done safely and observing the guidelines relating to social distancing, travel and cleaning, then it may be possible to continue.
Where properties are currently occupied and/or there is a chain of transactions there will inevitably be some delay before these can be completed, but legal work can continue in order to get the transaction up to the point of exchange of contracts. When the relevant restrictions have been eased sales and purchases should be able to proceed fairly quickly, and this will help the property market to get up and running again.
Most lenders will extend their existing mortgage offers by three months.
You can still proceed to mortgage your existing property, either with a conventional mortgage or equity release scheme. The restrictions will not affect any proposed transfer of the equity in, or a gift of, your property. Furthermore, mortgage lenders will be reviewing their lending policies on a regular basis. Some have recently increased their loan-to-value criteria which will open up the possibility of a mortgage or remortgage to more people.
Fixed Fee Charges for Residential Conveyancing of £675 + VAT *
Our charges for a sale or purchase of a residential property will be £675 + VAT* and disbursements.
Disbursements are items such as Land Registry fees, Stamp Duty Land Tax and other items, such as the search pack.
*Terms and Conditions apply.
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We may not be able to meet you face to face for now, but we are working from home and are here to help you.