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Our advice for Vendors and Purchasers

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Mon 06 Apr 2020

Our advice for Vendors and Purchasers

At LangfordRae Property Agents we want to ensure that we are keeping in touch with our Vendors and Purchasers throughout this lock-down period.  Whilst our office may be closed, we are all working remotely with access to our emails, telephone lines and software.

We hope that the following guide will help explain the current status of the property market but please do not hesitate to contact us either by telephone or email if you have any further questions.  We are speaking daily with solicitors, other estate agents, surveyors and mortgages advisors, as well as seeking advice from industry bodies and government departments.

1. Expect the process to slow down

Whilst most solicitors are still working the government has stated that home moves into occupied properties should only take place where contracts have already been exchanged and it has proved impossible for the parties involved to agree a deferral.

2. Exchange and completion

For those who haven’t yet exchanged contracts, you are still able to continue with your transaction and should use this time to work with a conveyancer to progress the transaction and read through the documents involved in moving home.

For those who have exchanged contracts, have a two-step process to delay the move until the end of the current stay-at-home period, with the ability to extend that timescale if government restrictions are extended.

Every case should be treated on an individual basis and any clauses or processes should be amended to individual needs. Once all parties have agreed to a deferred completion date, then a written agreement can be drawn up to vary the contract. To avoid contamination, parties won’t need to sign a physical document, but an e-signature will be needed to authorise this deferral. This clause should state that once restrictions end, there will be a period of time agreed before you move to enable everyone to get ready. Ensure the timescale will give enough time to sort removals and arrange everything, as there will be a real demand for these services.

3. Communication will not stop

It is possible to carry on the conveyancing process - we are still working, banks are still working and a lot of client communication and cases can be handled through remote working, either on the phone or through Skype and Zoom to keep the ball rolling and to ensure a professional and seamless service is delivered.

4. Preparation is key

We fully understand that it can feel daunting to pursue a move at the current time but even if you aren’t ready to move right now, conveyancing experts can be working in the background to get everything ready for a future physical move, so it’s always a good time to start planning and paving the way for your future, whilst you have lots of free time on your hands.

5. Finance & Protection

We work closely with AJ Nunn Mortgage Solutions Ltd.  If you would like to discuss whether your options may have changed in light of the current pandemic, or perhaps what income protection services might be available to you, Andy would welcome the opportunity to speak with you.  He is available on 07539529526 andynunn@ajnunnmortgagesolutions.co.uk

Finally, we are holding a competition for the children of Orpington, Sevenoaks and surrounding areas.  If you are the parent or guardian of a child aged 16 or under, we are offering them the chance to win a £50.00 National Book Tokens gift card.  For details on how to enter, please click here.