moving house

Concerns: Advice For Those Moving Property During The Coronavirus Pandemic

The coronavirus pandemic is causing uncertainty around many different aspects of everyday life, and can be particularly confusing for those in life-changing moments such as moving house. As your local estate agents, Taylor Cole are here to provide some clarification and support during these difficult times.

What is the government’s advice regarding the property market?

The government has urged both buyers and sellers to adapt and be flexible with their current house moves. This means that if you are currently in the process of buying or selling your property, you do not need to pull out.

The government’s advice is as follows:

“Given the situation in the UK with regard to the outbreak of coronavirus (COVID-19), we urge parties involved in home moving to adapt and be flexible to alter their usual processes.

“There is no need to pull out of transactions, but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding. Prioritising the health of individuals and the public must be the priority.

“Where the property being moved into is vacant, then you can continue with this transaction although you should follow the guidance on home removals.

“Where the property is currently occupied, we encourage all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay-at-home measures against coronavirus (COVID-19) will no longer be in place.”

I’m putting my house up for sale, what should I do?

Getting your home onto the market during this difficult period is going to be more challenging.

As your local estate agents, Taylor Cole are doing everything that we can in order to support you with the sale of your property. Over the phone, we will be able to give you general advice about the local property market and begin the process remotely.

Due to the coronavirus lockdown, we are currently unable to take photos or videos of new properties, however, if you can take photographs yourself, we can touch them up and support you with listing the property.

If, however, we have already taken the photographs of your property, we can use our state-of-the-art video and imagery in order to keep potential buyers in the loop and allow them to see as much as possible of your home from the safety of theirs. 

If you would prefer to wait until after the lockdown, let us know and we can get everything in place for when the time comes.

If I’m selling my home, do I need to cancel viewings?

Yes. There should not be any visitors to your home and as such, you should not be letting viewers come and visit your property.

If we have already taken videos of your property, we will use our state of the art media recourses to show potential buyers as much as possible of your property.

What happens if I have not exchanged contracts yet?

If you have not yet exchanged contracts with the interested party, there is no full-proof way of ensuring that the effects of the coronavirus will not affect the transaction. You may, however, agree on a clause in the contract that allows for a delay should the coronavirus make it impossible to complete the transaction. As your estate agents, we can discuss this with both you and your solicitor.

Can I still accept offers?

Yes. If you have had an offer that you are happy with and would like to accept, you are free to do so. It is important, however, that you are aware that the selling process may take longer than usual.

What happens if I no longer want to sell my home?

If you have decided that you no longer want to sell your property, there may be different consequences depending where you are in the process. If an offer has been made, and you have accepted, the government is advising to continue with the transaction. In this case, there may be a fee.

We understand how difficult the current climate is and will work with you, your solicitor and the interested party to reach an agreement and support you in the best way possible.

I’m interested in buying a property, what should I do?

The latest guidance from the Ministry of Housing states that ‘there is no need to pull out of transactions,’ but also stresses that the rules of the government’s lockdown must be followed.

If possible, you should delay moving into a new property while these strict measures are in place in order to prevent the spread of coronavirus.

Will this affect my mortgage agreement?

Lenders across the financial industry are working to find ways to enable customers who have exchanged contracts to extend their offer for up to three months. This will enable you to move at a later date.

With the support of our in-house mortgage adviser, Taylor Cole Estate Agents are here to provide you with top-quality advice and support throughout.

What happens if I have already exchanged contracts?

If you have already exchanged contracts, you have entered a legal agreement that must be abided.

If the house or property you are purchasing is currently unoccupied, you can continue with the transaction. You must follow advice on staying away from others in order to minimise the spread of the virus.  

If you have already exchanged contracts and the property is currently occupied, we can work with you and all concerned parties, including your solicitor to agree a delay or another way of resolving matters.

What happens if my chain has broken?

One of the main unavoidable side effects of trying to pause the entire property market, is that this will lead to the breaking of many housing chains. Some homeowners are deciding that they no longer want to sell in the current circumstances, which may cause you problems if your chain has now broken.

In many cases, chains may break from the bottom as first-time buyers pull out, however interest rates are now at an all time low, meaning other buyers will be there to fill the gap and repair some broken housing chains following the lift of the government’s lockdown. 

To read the Government’s advice in full, visit their official website here.

If Taylor Cole Estate Agents can support you in any way, or if you have any questions that are not listed above, please contact us by calling 01827 311412.