A fundamental piece of advice for home sellers is: don’t wait until after you find a buyer to instruct a solicitor. With the Coronavirus lockdown in place, this advice stands true now more than ever. Many of our clients have recently asked: can I still sell my home during lockdown?
Sellers may assume that nothing can, or will be, done on their files until the lockdown ends. However, we would like to reassure people that the conveyancing process can still progress. It is important that both buyers and sellers complete and return any relevant conveyancing forms to their solicitors as soon as possible to avoid delays and keep the process moving forward. Sellers can also use this time to source any missing documents, guarantees and certificates in order to proceed without delay.
Advice for Leasehold Property Sellers
If the property you wish to sell is a leasehold, then your solicitor will need to source a Managing Agent information pack.
Once the lockdown is eased, there will undoubtedly be a surge in demand for management information and, therefore, it will likely take longer than usual to obtain the documents. Corresponding to the upsurge in workload predicted for conveyancers around the country, transactions are also expected to be prolonged. It is advisable to ensure that you are liaising with your conveyancer at all times to ensure that your leasehold pack is in place and to avoid any unnecessary delays.
Assuming that your freeholder or managing agent is still operating, there is currently a window of opportunity to get the management information on file before the floodgates open.
If you have instructed us for your home sale, we can conduct the appropriate ID verification checks easily, even under lockdown. Simply email a copy of the required documents and our experts will schedule a video call with you to verify the ID.
What Happens when the Market Restarts?
There will almost certainly be a rush of interest and activity for property sales and purchases when the lockdown ends and the market restarts again.
Interest rates are at historic lows; therefore, it may be a good time to fix your mortgage rate to give you peace of mind. This may also be beneficial to first-time buyers, as more are able to get on that first rung of the property ladder.
If you are wondering if you can still sell your property of for further information regarding residential property matters, please contact our Residential Property team on 0161 475 7676 or email [email protected].