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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.
Normally I spend my time steeped in UK property market figures, but currently, there are of little use. So far this year all of the UK indices are pointing towards a strong start to the first half of the year, but as we all know, this is likely to dissipate over the coming months. Read my advice here on what to do in this unchartered territory.
Please note: This will be the page to come back to on a daily or weekly basis. This is because, as managing a property requires ‘contact’ - albeit that it can be carried out at a ‘social distance’ - as we are all being asked to stay at home as the disease spreads, the way properties are managed will change. Currently, the most important thing is to make sure you read our ‘new rules’ with regard to contact when carrying out property management duties, so you stay safe and reduce the chance of the virus spreading.