During these unprecedented times, where the situation is changing on a daily basis, we are aware that individuals and business owners will have many questions and uncertainties about how these developments impact on them.
Here, through a series of Q&A with expert lawyers from across our firm, Sintons hopes to be able to answer some of those pressing questions, and provide some certainty and clarity for people who are unsure how to proceed.
We will bring you a question and answer per day for the next few weeks.
Q – Much has been made of the fact the property market is now moving again, with in-person viewings of properties now possible and estate agents and removal companies returning to work. Does this mean the process has largely returned to normal and my house purchase can go through soon?
A – Yes things are slowly starting to get back to normal. Social distancing still provides some challenges and everyone has to remember the importance of staying safe at the current time but its becoming easier to sell or buy a property again.
Q – I have read that house prices may decrease significantly over the coming months so I’m keen to sell mine as soon as possible. Once I have a buyer, how long is the process likely to take?
A – Its impossible to predict what will happen with the housing market in the coming months and there are no signs that anyone needs to panic. Its difficult to say how long a transaction will take but at the current time somewhere between 6-10 weeks would be reasonable estimate.
Q – Do the delays that are likely to occur in property purchases during the pandemic also apply to new build properties? Will this process move more quickly given that there is no onward chain?
A – Some aspects of a new build purchase will face the same delays; searches are taking longer at the moment and access for surveys can provide difficult due to social distancing measures. Due to a newbuild property being vacant it certainly reduces some of the challenges faced when buying an occupied property though. It should be easier to arrange a completion date and the moving in process is a lot smoother without the need to wait for the seller to vacate or have to clean the property before moving in.
