During these very uncertain times, Bargate Murray Director and Head of Property, Nicholas Maestri has some guidance for the clients of the Firm.
Due to the severity of the Covid-19 pandemic, the Government has now announced that buyers and sellers should delay any property completions until the lockdown ends. This ensures social distancing and allows time to enforce pragmatic solutions.
Buyers and sellers do not need to pull out of their transactions, but must be prepared to face delays and difficulties caused as a result. Lenders have agreed to extend offers by up to three months for customers who have exchanged. It has been advised that those who have not exchanged contracts to wait and those who have exchanged contracts are encouraged to extend the contractual completion date. All parties involved in the completion should be made aware of the risks involved and must agree to the extension.
The Ministry of Housing Communities and Local Government has advised that transactions should be continued if the property remains vacant throughout the process. However, if the property is occupied, alternative move-in dates should be arranged, unless explicit provisions are made presenting the risk of the virus. Police powers may be enforced if these regulations are not followed, except for emergency or critical circumstances. It should be noted that priority will be given to support clients with Covid-19 symptoms or those self-isolating.
Please feel free to contact me (firstname.lastname@example.org) should you require any assistance. Bargate Murray is following government advice and are working remotely from home. I hope everyone stays safe and well during these unprecedented times.
Director & Head of Property at Bargate Murray Limited.