With a new national lockdown now in place across England, Scotland and Wales, it’s understandable that those midway through a transaction may well have questions about what this means for their move or property search.
Under the current government guidance the property market remains open. It’s not quite business as usual but – whether buying, selling, renting or letting – transactions are able to proceed subject to strict working practices.
Our experience during the first lockdown means we have stringent protocols in place that ensure we can deal with clients’ enquiries effectively while observing thorough health and safety procedures at all times.
The government guidance only permits us to continue to carry out in-person viewings and valuations in exceptional circumstances and if the client and buyer or tenant are comfortable. However, we are once again operating a ‘virtual first’ approach wherever feasible.
Furthermore, surveyors are still permitted to visit, contractors can still look at your property and you can still book removal firms to move you from one home to another subject to strict social distancing protocols.
Somewhat inevitably, however, existing transactions are taking a little longer to process than usual. The surge in activity over the past few months means that mortgage valuers and conveyancing solicitors are working at full capacity and are dealing with a backlog of enquiries.
This not only requires patience, it’s also important for both buyers and sellers to be as prepared as possible at every stage. Those needing a mortgage, for example, should complete the lender’s application form and send the requisite documents as early as possible. This will include proof of ID, evidence of earnings, proof of address over the last few months and recent bank statements.
For sellers it’s particularly important to ask your solicitor to dispatch the draft contract as a priority and for all documentation detailing works carried out to the property – including planning permissions and building regulations – to be sent across quickly. This will ensure any questions from the buyer can be addressed early in the process.
Keeping in regular contact with both your agent and solicitor is also crucial – the smoothest transactions are those where everyone is working together.
2020 saw a remarkable recovery in the housing market. Recent experiences have encouraged many buyers to seek more space both inside and out, while the Chancellor’s surprise announcement last July of a stamp duty holiday, with the potential to save up to £15,000, added a further boost to demand.
If anything, rather than causing a pause in the market, we are expecting the latest lockdown to reaffirm people’s desire to move and give added impetus to their search for a new home.
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