Covid-19 Update from the residential conveyancing team

Posted by Coles Miller on 3rd April 2020 -

 

We have taken a substantial number of calls from clients who are concerned as to how their conveyancing transaction is going to be affected by the current Covid-19 Pandemic.  

We wish to reassure all of our clients that where it is possible for conveyancing transactions to be undertaken, we are well placed to deal with the same.  Our staff are able to work remotely and we have cutting edge case management systems in place to enable work to be carried out in a swift and efficient manner. We are all still very much open for business and have noted that the legal community is working in a co-operative manner to overcome the current challenges.

We appreciate however that many clients may be confused or unclear as to how their conveyancing transactions may be impacted by recent Government policy.  The guidance being issued by Government is very fluid and is changing on an almost daily basis.

It is important to stress that Conveyancing transactions where no face to face contact is required remains unaffected, therefore re-mortgage and Transfer of equity work is able to continue in the usual way.

What is the latest guidance issued by the government?

The latest government guidance was issued on the 26^th March 2020.   The Government is urging all parties involved in the home moving market to adapt and be flexible by altering their usual processes. 

The guidance is clear that there is no need for clients to pull out of transactions, but all parties involved must ensure they are following guidance to stay at home and away from others at all times, including adopting the specific measures for those who are presenting symptoms, self-isolating or are shielding from others.

Where the property being sold is vacant, then it is possible to continue with the transaction although consideration must be given to home removals.  Therefore it appears as though buyers are able to continue with the purchase of new build homes or homes that are empty on the day of completion due to the current owners having already vacated.

Where the property is currently occupied, the government advises all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay at home measures against coronavirus will no longer be in place, effectively therefore suggesting a pause in the conveyancing process.

The existing measures adopted by the Government are due to last a further 11 weeks at this point in time.  There are exemptions in place for critical home moves, in the event that a new date is unable to be agreed.

 

Are there removal firms who will be able to assist at the current time?

For transactions that are able to proceed on the basis of the guidance above, the government has confirmed that removal firms that are able to honour existing commitments but that they must also adopt their own specific safety measures. Firms are therefore allowed to continue to operate providing they adhere to these measures.   Coles Miller are able to recommend local removal companies who may be able to assist in these circumstances in line with Bournemouth and District Law Society guidance.

 

Should considerations be given to deep cleaning properties?

We appreciate that many clients may not feel happy to move into a new property without it being deep cleaned. There are several local firms who are able to assist clients in these circumstances. Coles Miller are able to recommend several local cleaning companies who are able to offer deep cleaning services in line with Bournemouth and District Law Society guidance.

 

Is it possible to market properties for sale with Estate Agents at the present time?

It is still possible to place your property onto the market for sale through an estate agent at the present time.  All estate agents have been asked to temporarily close their doors by the Government during the current lock down period however most agents are working remotely at the present time and seem to be functioning relatively well.

The main challenge however is due to agents not being able to conduct viewings at properties with the current lock down procedures in place.  Many agents are able to counter this by offering “virtual viewings” and this firm received its first instructions in relation to a sale conducted in this manner earlier this week.

 

What is the position of Mortgage lenders during this crisis?

In the past 24 hours, UK Finance, which was formerly known as the British Bankers Association has stated that lenders would extend mortgage offers for people who were currently unable to move house as a result of the lockdown measures.  Discussions in this respect are ongoing but the likely result will be all customers will have their mortgage offers extended by 3 months.

 

How can Coles Miller assist you at this time?

Coles Miller will be happy to assist you with any property related questions you may have at this time and assist with all aspects of the conveyancing process for you. Please feel free to call any of our offices at any time in this respect.

We have offices in 6 separate locations spread across the local region and are able to conduct video conferencing with all of our clients directly even where our staff are working remotely see A Client Guide To Video Conferencing.

We are also able to offer a swift and comprehensive re-mortgage service at a highly competitive price.  We can also offer direct referrals to industry leading Mortgage brokers who will be able to offer a full range of financial services on an all of the market basis. The base rate of the Bank of England is currently at the lowest level in history and so there is no better time to re-mortgage.

We appreciate that this is a very difficult time for all of our clients and we are here to support you through this as your Law firm for Life.

For more information, please contact Jason Barnett on 01202 204622.