Nic Dino, Partner in our Conveyancing team in Cambridge, gives us an update on how the change in Government guidance issued last week has affected the sector.
Following the lockdown announced on 23rd March 2020, we have found that most clients selling and buying property have been positive in their instructions to us, wishing to progress their transactions as much as possible pending a relief of the lockdown measures. Consequently, those clients are closer to completing those transactions than they would have been had they asked for their transactions to be put on hold. Not all firms have encouraged clients to proceed in this way though.
Working from home, the use of on line resources and telephone technology have allowed us to stay in touch with all parties involved and our clients have also had our mobile numbers so we have only ever been a phone call away when required.
I have found that very few transactions have aborted, and that house prices haven’t been significantly renegotiated during the lockdown. Where they have, these have in the main been renegotiated due to issues with the property itself.
Whilst it is fair to say that there has been a slow down of new instructions, the latest government advice in relation to moving home is already having an impact in property transactions. A number of local agents are now reporting they are busy accommodating house viewings. More mortgage offers are being issued and clients are expressing confidence in wanting to exchange and complete as soon as possible. We are receiving new enquiries and instructions; demonstrating that there are motivated buyers and sellers who still want to move home.
My advice is that clients thinking of moving home should contact us as a first step. There is much that can be done to reduce the time it takes from acceptance of an offer to the point of exchange and completion.
Clients who instruct a proactive solicitor at the outset, before marketing a property for sale or viewing a property for purchase, can make effective use of the lead time to the above mentioned milestones. So what are you waiting for?