As we face a further 3 weeks of isolation, we thought we would share some Frequently Asked Questions related to buying & selling in the current market.
We are still available to be contacted in the usual ways should you wish to discuss further, as always we would be pleased to speak with you.
Should I take my property off the market?
Now is the prime time for people viewing property online. Whilst we are staying at home, people are appreciating now more than ever the importance of ‘home’. We are coming to realise what works for us in our homes and local areas, (and unfortunately, what does not)! There will also be many city dwellers thinking about their lack of outdoor spaces and fresh air.
With an increased number of people proving their ability to work at home, we suspect there will be more flexibility in home-based working, meaning you can live where you choose. With the Isle of Wight being an easy commute to London, it would be the perfect place to have a home, close to the countryside or seaside and all that has to offer, a large garden and the ability to get in to the city office when required.
The Isle of Wight, a destination after isolation? We think so…
I’m ready to put my property on the market, should I wait?
As we have mentioned, there are people avidly looking through property portals and www.spencewillard.co.uk has seen a real increase in traffic, so if you are ready to begin marketing then don’t delay!
If you are unsure if you are ready to market, get in contact with us and we can advise how this can be achieved.
We have a list of eager applicants ready to view property once restrictions are lifted.
Is there any point in registering my interest in a property?
Of course, we would be pleased to take details so that we can contact you when we are able to carry out viewings safely and in line with Government guidance. For some of our properties we have video tours available, which we would be pleased to share with you.
Can I still accept an offer?
Absolutely! We will check the buyer’s position to ensure they are able to proceed, (as we usually would), and will issue the Memorandum of Proposed Sale to solicitors so that they can begin work.
What delays might I encounter?
There are some delays with searches at present and if the property is occupied there may be a delay with the survey taking place until it is safe to do so. Remember on average most house sales take 2-3 months, so if work begins now, or has already started, hopefully it will be perfect timing to complete after Government restrictions have been relaxed.
How does the current situation affect my mortgage offer?
Whilst some mortgage products and offers are being revised, the Government’s instruction to lenders is to be as flexible as possible with regard to mortgage offers. Their lifespan is usually three to six months, however many conversations have been had with lenders to advise that mortgage offers should be extended where delay to completions takes place in order to prioritise safety.
Should I pull out of my sale/purchase?
Government advice is that 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 is the priority.
Where the property being moved into is vacant, then you can continue with the transaction although you should follow the guidance on safe 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.
In the new emergency enforcement powers that the police have been given to respond to Coronavirus, there is an exemption for critical home moves, in the event that a new date is unable to be agreed.
How can I complete my move if Removal companies can’t work?
Removal companies are assessing moves on a case-by-case basis. However, they are still allowed to work providing they are adhering to Government guidance, which is that they can carry out the move safely for themselves and all associated parties, and where a moving date cannot be rearranged – providing no one has symptoms of COVID-19, no matter how mild.
Should you wish to discuss any aspect of buying or selling, now or in the future, we would be pleased to speak to you, so please do get in touch.