Corona virus causes unavoidable delay in anyone’s plans to buy or sell a property
There doesn’t seem to be a business untouched by the Corona Virus, and the business of buying and selling homes is no exception. For anyone who has already exchanged with a completion date, the sale can go through and the move take place. But for anyone who is not at that stage, the sale is now looking unlikely to conclude, as removals companies cannot legally provide their services and therefore vacant possession on completion is not guaranteed. It is still possible if solicitors are all still working to get up to the exchange part of the transaction, but actual exchange and completion are most likely to have to be “parked” until a future date, effectively putting sales on hold. There is no hard rule to this though, each case will be looked at on an individual basis by the solicitors of both parties. Certainly, if a buyer does not have a related sale and the property they are buying is already vacant, or can be made vacant before exchange of contracts, then there should be little problem.
“As Estate Agents we are now unable to undertake marker appraisals or arrange viewings, these cannot be classed as imperative journeys. We were hoping to create videos of virtual viewings during the next few weeks, but even these cannot be undertaken. Some mortgage valuers are also refusing to attend properties and so mortgage companies are not instructing surveyors at this time.
“After a fantastic start to the year, with the release of the pent-up demand that had been building for some time, it is frustrating to see that this makes selling property extremely challenging at this current time.
“We are still working, having set-up work stations from our homes and are doing our best to help our clients where possible, but sadly we are now looking at an unavoidable delay in anyone’s plans to buy or sell a property. Once this difficult period is over we look forward to once again doing what we do best – selling property. ” explained Paul Wilson from Rowland Gorringe