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The health and well-being of everyone is of paramount importance at this time, and inevitably the crisis has impacted conveyancing transactions.

Here is what the Government’s advice means for you:-

You are buying or selling an empty property, and there is no chain

Your transaction can proceed to completion as normal.

It may take longer than normal to complete as other aspects of the transaction may be delayed (for example search results or survey reports), but completion can go ahead.

 You are buying and selling, or involved in a chain

Completion needs to be delayed until the lock-down restrictions are lifted.

We will progress your transaction to the point of exchange of contracts so you are ready to proceed as soon as the restrictions are eased.

You have already exchanged contracts, but the property is not empty

“Critical moves” can still take place where contracts have already been exchanged.  However, the Government strongly advises against this, and you may struggle to find a removal company.

Where contracts have been exchanged, we will work amicably with other parties in the chain to agree a new completion date. This is in accordance with Government advice.

You want to exchange contracts and delay completion until after the lock-down restrictions have been lifted

Contracts can still be exchanged, but they should include additional clauses allowing for the completion date to be rearranged if the date cannot be achieved due to issues relating to coronavirus.

We will discuss this with you in detail before exchanging contracts.

You are buying a buy-to-let property

Your transaction should be able to complete as normal, provided that you are buying subject to the existing tenancy agreement or the property is empty.

You are remortgaging or transferring the title of the property (known as a transfer of equity)

Your transaction can proceed to completion, as normal.

You are thinking of selling your property

Please speak to your estate agent about how they can help you with this.

If your property is already on the market, you can accept an offer.  However, please do not allow people into your home to view your property.

You are proceeding with a purchase and your mortgage offer is due to expire

Please speak to your mortgage lender to request an extension to your offer.  The government has asked lenders to extend mortgage offers for up to 3 months.

If you have any queries about what the government advice means for your transaction, please contact Emma Liddle on eliddle@mincoffs.co.uk or Adrienne Lawson on alawson@mincoffs.co.uk

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