The government’s current advice regarding moving home is “where possible, delay moving to a new house while measures are in place to fight coronavirus”. This doesn’t mean that completions cannot take place, as each transaction will be viewed on a case by case basis. For example, many variables can influence the importance of a completion still occurring, such as contractual obligations, divorce, money concerns, location constraints etc. Solicitors are still currently able to process property transactions but we are advising all clients that even where such a completion does take place the government restrictions must still be complied with.
Yes, at the very least it is sensible to be ready and prepared to proceed as soon as circumstances allow etc. Use the time to deal with enquiries and access searches (which can be delayed at the moment).
If you have just put your property on the market, then you may unfortunately be stuck in limbo for a while until the lockdown measures have eased given restrictions preventing surveys and viewings in person. This doesn’t mean that you should pull your property though, because people will understand why it will have lingered on the market during this time. Keeping up your property listing is advisable, as people will still be looking, and waiting, until the property market is back in action. Many estate agents have been adapting to the current climate, by creating virtual tours of properties.
Yes - your property could receive an offer during the pandemic, but offers from cash buyers are easier at the moment. This is due to the fact that some mortgage valuations aren’t currently able to take place, so mortgage lenders may not be able to ensure your property is worth the money being offered, and as such might not be able to offer your buyer a mortgage. However, several lenders are able to offer automated valuations, which use set criteria to determine the value of a property. These previously were used alongside traditional valuations, but now several mortgage lenders have adapted for the current climate to solely use automated valuations. However, there are some limitations to which properties they would accept an automated valuation on.
Yes, in fact this is the perfect time to remortgage as interest rates are currently at a record low. This means that you can get a very good deal at the moment. However, you may be limited to only certain lenders at this time, for the reasons explained above. Also, most deals will only be offered for particular Loan to Values (LTV), due to some mortgage lenders currently setting a limit. You may find that certain tracking mortgages are currently unavailable. Our remortgage team will be able to answer any questions that you may have, and can assist you with your remortgage but we also advise you to take advice from the start from a mortgage adviser as they will be able to guide you through the financial issues and help you select the right product for you.
Please contact us at email@example.com and we will be happy to discuss how we can help you during this difficult time.
|cookielawinfo-checkbox-advertisement||1 year||Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .|
|cookielawinfo-checkbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checkbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_gat_gtag_UA_40098267_1||1 minute||Set by Google to distinguish users.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|