Coronavirus Legal Portal
The impact of coronavirus on residential property is likely to last for some time, with the situation evolving over the course of months or years.
If you have exchanged contracts
For people who have exchanged contracts and are due to complete a transaction while the stay-at-home measures are in place, the Government has issued the following advice:
- Home buyers and renters should, where possible, delay moving to a new house while measures are in place to fight coronavirus (COVID-19).
- Our advice is that if you have already exchanged contracts and the property is currently occupied then all parties should work together to agree a delay or another way to resolve this matter.
- If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on staying away from others to minimise the spread of the virus.
- In line with Government’s advice, anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice which will mean not moving house for the time being, if at all possible. All parties should prioritise agreeing amicable arrangements to change move dates for individuals in this group, or where someone in a chain is in this group.
In response, the UK Finance – the representative body for the banking industry – has said that all mortgage lenders are looking to enable borrowers who have already exchanged contracts to extend their mortgage offer for up to three months so the move can be delayed.
If your circumstances or the terms of the purchase change significantly during this time and continuing with the mortgage would cause financial hardship, UK Finance has said that your lender will work with you to help you manage your finances.
If you are yet to exchange contracts
The Government has issued the following advice to people who have agree a sale in principle, but who are yet to exchange contacts:
- If the property you are purchasing is unoccupied you can continue with the transaction.
- If the property you are purchasing is currently occupied, we recommend that all parties should work to either delay the exchange of contracts until after the period where stay-at-home measures to fight coronavirus (COVID-19) are in place, or include explicit contractual provisions to take account of the risks presented by the virus.
The full Government guidance is available here.
The Government had already introduced new emergency legislation, including mortgage holidays for regular homeowners and buy-to-let landlords and a temporary three month ban on evictions due to rent arrears for those affected by the economic impact of Coronavirus.
Our experienced team of residential property lawyers is on hand to help with any issues that may arise in the weeks and months to come.
Contact us now for specialist advice, tailored to your circumstances.
Contact us now for advice on the legal considerations involved in protecting you, your family and your business from the impact of coronavirus.
What Our Clients Say
“A big thank you to Susan Bernstein for her help and support during my redundancy process, you made the legal part stress free and easy to follow. I fully trust your work and will recommend your services in the future.” – Meital
“I owe you a great debt of gratitude for the kind, helpful, empathic way you dealt with me and went about your business at a time in my life when I was suffering huge emotional pain. I did not really understand what was happening to me but you did, and your advice was invaluable”. – Stephen Wiser
“I would like to say a huge thank you to Winston Kan of OGR Stock Denton LLP for the outstanding work he did on my car accident case. He supported me and my family through the long and exhausting process. There were times when I was ready to give up but he patiently and supportively guided me all the way. All the best wishes from me and my family.” – Hana
“I must thank you Ian, and Stephen, for your professionalism though the complex and protracted negotiations and for the support, understanding and patience you have shown me personally throughout.” – Malcolm
“Winston Kan & Michael Stock of OGR Stock Denton LLP have been a great support throughout the process and Winston has demonstrated the highest levels of professionalism and genuine care throughout this difficult process. I highly recommend these lawyers, they are very attentive and honourable.” – Aziza
“I called you with a difficult situation and within 30 minutes you had addressed the main issue and very clinically identified what needed to be done. Your attention to detail and your work approach are of such a high standard that i have no doubt whatsoever that any client you deal with will only have good things to say. You are a true ambassador to your firm and your profession, with the care you show and advice you give. I would like to thank you again for the wonderful job you did at such short notice and i have no hesitation in using your services again and recommending your firm.” – Meir
“ We completed our home move in June, beating the Stamp Duty deadline by 4 days, and were extremely satisfied with the way the whole selling and buying process was handled by Robert Rosenberg. He was super efficient and communicated with us constantly throughout the process. We highly recommend him. and OHR Stock Denton, to anyone looking for a painless and stress-free experience. ” – Colin
“All round brilliant team at OGR. After being badly let down by another solicitor, Priti Shah sorted our parents’ probates quickly and efficiently. She is very knowledgeable and on the ball and structured things in such a way she saved us lots of money. We also had conveyancing done by Ben Menaham which was smooth and hassle free and overseen by Michael Stock. Thank you.” – Monica
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