What about my house move during Coronavirus Crisis?
Early 2020 confidence in the housing market has obviously been affected by the Covid-19 pandemic so what does this mean for planned house moves?
“Government guidance is that home moves into occupied properties should only take place where contracts have already been exchanged and it has been proven impossible for the parties involved to agree a deferral and obviously at all times social distancing should be adhered to,” said Ben Tatters, head of property at Pearson Solicitors.
“On Monday and last week we were able to complete on matters for clients and they were amazed and so pleased to be able to move given the current conditions, I suppose a ‘lockdown’ is the perfect time to unpack your new home, but for others who are just entering the conveyancing process it is a frustrating time and we are doing all we can to help them,” he added.
Spring and especially Easter is a time when the housing market is usually booming. Bank holidays, sunny gardens full of spring bulbs and an air of optimism are usually at the forefront in April, but in 2020 it’s all a little bit different and the conveyancing market will no doubt take a big, but hopefully temporary hit.
Just over 1000 buyers and sellers were recently surveyed and nearly 10% had called off a recent sale, deciding to put it on hold.
“The interest rate cuts put in place recently will make life a little easier for those with variable and tracker mortgages, the base rate cut from 0.75% to 0.25% is an emergency response but gives some assistance, however economic security, the prospect of job losses and perhaps general feeling of panic could have some impact on the housing market and potential moves,” said Ben.
Clients can log in and track their move 24/7 and at the same time Pearson integrated the use of technology into internal structures so the team is able to continue in the new ‘normal’.
“All our solicitors are keeping up to date with the latest guidance issued by Public Health England but some situations are out of our control for example if the other party’s solicitors may be closed for business altogether or lenders are delaying the process,” added Ben.
For further advice on this and other house move matters contact 0161 785 3500
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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