COVID-19 And What That Means For My Property Transaction

Property transactions can be stressful at the best of times, with the added Coronavirus (COVID-19) uncertainty, naturally, this has increased concern surrounding exchanges and completions, even what impact this may well have on the future market. 
 
HCB’s approach to this outbreak in respect of our firm’s operation is quite simply, carry on as normal with as little impact to clients, referrers, third parties as possible. We are set-up to work remotely with the main focus being on delivering, for everyone involved, a smooth transaction. 
 
HCB Solicitors are following the advice and recommendations set down by the Law Society.  If you are minded to see what this says then follow this link: https://www.lawsociety.org.uk/support-services/advice/articles/covid-19-and-residential-conveyancing-transactions/ 
 
Before Exchange
 
As there is no ‘one size fits all’ solution, we are providing expert advice in relation to issues related to COVID-19 to ensure that our clients’ best interests are met. You should contact your solicitor immediately to enquire as to what measures can be put in place to assist you during your transaction. 
 
Whilst the Law Society seem to suggest that a ‘business’ as usual approach may well be preferable, only after talking with your solicitor can you work out what is best for you. 
 
Post-Exchange
 
If you have already exchanged, quite simply, the Contract provisions remain as previously agreed. This is likely to cause you some concern. In this instance, communication is key. If you are unlikely to fulfil your end of the Contract or you wish to know what your options are should the other party default, then speak to your solicitor at the earliest opportunity. You may well find the discussions between the parties solicitors results in some flexibility and comfort. Essentially, the main goal is to achieve a normal completion with as little disruption for you and the other parties in the chain.
 
Recommendations

1. Speak to your solicitor at the earliest opportunity; 
2. Speak to your lender, estate agent, broker and any other party to find out what measures are in place to assist you should you need it;
3. Speak to your financial advisor about the current climate and projections for future marketability/valuations; and most importantly
4. Ensure yours and your family’s health and well-being are looked after. 

From a personal and professional perspective, if you or your client needs assistance, then we will work with you to the best of our ability and within the realms of our professional obligations to get the job done. Please do not hesitate to speak to us.