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Legal industry experts in England and Wales have worked tirelessly over the weekend to produce guidance on how conveyancing/legal firms advise buyers and sellers to delay their move during the crisis. The guidance has been prepared by a group which includes the Law Society, the Society of Licensed Conveyancers (SLC), the Chartered Institute of Legal Executives, Bold Legal Group and the Conveyancing Association (CA), and has the support of Government departments including HM Land Registry. The guidance is to help legal people advise buyers and sellers to meet the latest Government Regulations and Guidance on home moving.
Whenever you purchase a property it is important to work out what to do if things go wrong and have a plan via your mortgage and legal company, so you only commit when you know it’s safe to do so. No-one could have predicted this Coronavirus pandemic but, similarly, few predicted the credit crunch or the 2003 slowdown. Property prices can fall at any time and, given that people tend to own properties for up to 60 or more years, the only guarantee is that during your home ownership you will see prices rise, fall and stay the same. Read my article to find out what you should do if you are considering or currently buying a home.
If you are currently buying, selling, renting or are looking to move in the near future, what are the new ‘property rules’ you need to be aware of? Firstly, please know that lenders, brokers, agents, legal and surveying companies, search companies and the removal industry are all still working. This series of articles should help you know ‘what to do next’ in the property market during the COVID-19 Coronavirus pandemic.
If you are selling a property and moving into rented accommodation or with friends/family……as long as you secure a buyer that is financially able to purchase your property under the current circumstances (a cash buyer, for example) at a price you are willing to accept, there is little reason not to put your property on the market. However, you need to understand the pros and cons.
