FAQs on the COVID-19 Market
If you are confised by all the mixed messages, Rettie & Co. 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.
Your Local Rettie teams to contact if you need assistance:
Bearsden (Milngavie): 0141 943 3150 email@example.com
Berwick-Upon-Tweed: 01289 305 158 firstname.lastname@example.org
Edinburgh: 0131 220 4160 email@example.com
Edinburgh Lettings: 0131 622 4160 firstname.lastname@example.org
Glasgow City: 0141 471 6700 email@example.com
Glasgow Lettings: 0141 248 4160 firstname.lastname@example.org
Glasgow West End: 0141 341 6000 email@example.com
Kirkintilloch (Torrance, Lenzie, Bishopbriggs): 0141 739 8777 firstname.lastname@example.org
Melrose: 01896 824 070 email@example.com
Newcastle: 0191 338 9999 firstname.lastname@example.org
Newton Mearns: 0141 639 1999 email@example.com
Shawlands: 0141 406 4999 firstname.lastname@example.org
Town & Country: 0131 220 4160 email@example.com