Planning to Move? Advice for Buyers and Sellers

Fri 27 March 2020

Government have released guidance to those who are buying and selling their homes during the COVID:19 outbreak and the stay at home period.

(Guidance correct as of 27^th March 2020).

During this stay at home period, it is extremely important that we follow government measures in order to protect the vulnerable and the NHS. If you are planning to move, don’t worry, you don’t need to pull out of the transaction; as with everything in this crisis, as long as you work together then the sale will still progress.

• The government have stated that if the property that you’re moving into is vacant, then you can continue but to follow guidance on home removals.
• If you have exchanged contracts, but the property you are moving into is occupied, the government have advised that all parties should work together to arrange an alternative date when the stay at home period is likely to not be in place. However, the police have been informed of an exemption for all critical home moves (in the event that a new date cannot be agreed).
• In line with Government’s advice, anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice, which will mean not moving house for the time being. Again, it is advised that the parties work together to arrange an alternative date.

It’s understandable that by postponing your move date, that you might worry about your mortgage offer and solicitor fees. However, the government are:

• Agreeing with banks that mortgage offers should be extended where delay to completions takes place in order to prioritise safety; and,
• Working with Conveyancers to develop a standard legal process for moving completion dates.

Yesterday, UK Finance confirmed that all mortgage lenders were working to find ways to extend mortgage offers by three months.

For further advice, please get in touch with your local agent:

Alnwick | 01665 6060800
Hexham | 01434 608980
Sedgefield | 01740 617377
Northallerton | 01609 773004