Understandably, vendors and interested buyers have a number of questions about the current property market and how it should influence their decisions for buying and selling property at this time. In this blog, we've answered some of those common questions.
If you are confised by all the mixed messages, Rettie have access to the latest information from Registers of Scotland and Land Registry and can help you untangle the complexities of this changing market. Please get in touch with your local Rettie branch to discuss in more detail.
Can I still put my property on the market?
Yes. In Scotland , as long as you have a Home Report already prepared and photography is ready, there’s nothing to stop you going to market. However, it’s worth considering that the marketing effort is likely to be restricted since interested buyers are not able to view at the present time. Home Reports are only valid for three months for mortgage lending purposes so will need to be refreshed after this point. If you do not yet have a Home Report completed for your property, you’ll be unable to go to market at this stage. (See Registers of Scotland latest information here ).
If you are selling in England , above also applies, with an exception of Home Reports, which are only required in Scotland.
Can I still make an offer?
Yes. It’s still possible to make an offer on a property. In England, sales are still able to progress through to exchange and completion, however, there are a few delays and restrictions in place.
In Scotland, sales can progress through to the conclusion of missives, however, the timing for settlement is under constant review and is governed by the Registers of Scotland and UK Finance fully reopening for business.
Can I still get a mortgage?
Yes. Despite the news of some lenders suspending mortgage applications, others are still active in the market. Many banks have paused lending above 75% LTV, however, we’ve already seen some lenders increase this to 80% and expect this to continue increasing in the near future.
Can I still arrange to view a property?
In the spirit of embracing the new normal, virtual viewings are available for a number of properties. Those keen to arrange a physical viewing should register with the agent so that appointments can be made as soon as government restrictions are lifted.
My property is already on the market, what should I do?
Each property and every vendor’s individual circumstances are unique. Advice should be taken from your agent and solicitor to agree the right approach for the sale of your property.
If the lockdown was lifted tomorrow, how long will it take for property transactions to get back to normal?
The volume of incomplete property transactions and the time it will take to clear this backlog is unknown. This is dependent on Registers of Scotland (Land Registry in England) and UK Finance fully reopening as well as the time it takes for The Law Society to instruct its members to resume normal business. Removal firms are unable to operate until the British Association of Movers advises its members otherwise. This will all be key to getting property sales and completions back on track.
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