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.
However, issues that could arise in the immediate future include:
- Tenants being unable to pay rent to landlords;
- Landlords being unable to evict tenants, owing to temporary legislation;
- Exchange and/or completion of property transactions being delayed as a result of self-isolation of a vendor or a purchaser experiencing difficulties;
- Removal firms being unable or unwilling to move possessions on moving day;
- Difficulty in obtaining internal surveys of properties;
- Delays and/or tighter restrictions on lending from mortgage companies;
- Loss of employment for people in the chain;
- Remortgaging in order to manage outgoings;
- Delays in applications being processed by the Land Registry and search providers .
Our experienced team of residential property lawyers is on hand to help with any issues that could arise.
Contact us now for specialist advice, tailored to your circumstances.