What Buyers And Sellers Can Do During Lockdown

Published: 28/04/2020

Everyday life as we know it has changed a bit recently since the lockdown has been in place, but what happens if you were looking to purchase or sell a property? We take a look at what you can do during this time…

Tips for those looking to purchase

Go Virtual:
Ok so you mightn’t be able to physically go and view the property you’re interested in due to social distancing but that shouldn’t stop you from viewing the property in some form. If you’re interested in the property then there maybe opportunity to be given a virtual tour online, as well as being able to view a range of images of the property.

Granted it won’t be as effective as the physical thing, but you’ll at least get a feel for the property and be able to keep it in mind for any future purchase propositions at a later date.

Check your credit rating:
Now you have more time on your hands, why not take the time to have an in-depth look at whether or not your credit rating hits the requirements to maintain getting a mortgage for a future home purchase.

There are numerous companies online that can provide credit rating checks at a quick response. If you’ve stayed away from borrowing, then you should find that your score is low. However, if it isn’t, a solution to this could be to get a credit card, spend on it and pay it off regularly to show that you’re able to borrow and repay sensibly.

Prepare all mortgage paperwork:
There are various aspects a mortgage candidate needs to consider before applying, such as compiling important details and information together including a passport as proof of identification, three months of bank statements and payslips, as well as a recent utility bill with your current home address on.

Tips for those looking to sell

Finish your DIY jobs around the house and garden:
Is the back garden looking untidy? Overgrown hedges and bushes? You’ve been telling yourself you’ll get around to sorting it but never seem to find the time. Well now is the perfect opportunity to show your garden some love. Couple this with the various DIY jobs you’ve been meaning to get done around your property and you’ll have it looking in pristine conditions by the time it comes to complete the sale process.

Offer a video tour of your property:
Similarly to the position you’d be in if you were interested in purchasing a property during these times, offering a virtual tour of the property that you’re looking to sell may help raise more attention of potential buyers. Just because we’re indoors at the minute, shouldn’t stop you from finding ways to help advertise your property to potential buyers and interested parties.

Be open to answering questions and queries:
If you know of any parties interested in purchasing your property, then it might be a good idea to keep in regular contact with them and also be open to answering any questions or queries they may have about the property.

That way they’ll be at ease everything they wanted to know about their potential purchase down the line and you’ll be at ease knowing whether they’re genuinely interested in the property once the lockdown comes to an end.

Keep your property online:
Some people may be tempted to take their property off the market during these difficult times, but it may be in your best interest to keep it online for the time being as it may help bump up interest from parties interested. Afterall, we’ve all got a lot of spare time on our hands meaning more may spend time searching properties for sale online than ever before.

You could benefit from this in the long run as it may help peak interest and have more parties keeping in touch with you for potential viewings and even a purchase once the lockdown comes to an end.

Get in touch with GWlegal:
Whether you’re a client in the process of purchasing or selling a property, or a broker acting on their behalf and require assistance, then we have an award-winning team waiting to hear from you today.

We can also help clear up any questions or queries you may have about either process as well.

Current government advice

Given the situation in the UK with regard to the outbreak of coronavirus (COVID-19), we urge parties involved in home moving to adapt and be flexible to alter their usual processes.

There is no need to pull out of transactions, but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding. Prioritising the health of individuals and the public must be the priority.

Where the property being moved into is vacant, then you can continue with this transaction although you should follow the guidance in this document on home removals.

Where the property is currently occupied, we encourage all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay-at-home measures against coronavirus (COVID-19) will no longer be in place.

In the new emergency enforcement powers that the police have been given to respond to coronavirus, there is an exemption for critical home moves, in the event that a new date is unable to be agreed.

Recognising parties will need to alter common practice, we have sought to ease this process for all involved by:

1.  Issuing this guidance, developed with Public Health England, to home buyers and those involved in the selling and moving process.

2.  Agreeing with banks that mortgage offers should be extended where delay to completions takes place in order to prioritise safety.

3.  Working with conveyancers to develop a standard legal process for moving completion dates.

For more information and latest advice from the government, click here.

Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us discuss@gw.legal with your question.

Who are GWlegal? We’re a national firm with local values.

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