The Government has released guidance in respect of residential conveyancing transactions in light of the coronavirus outbreak. But what can developers of new build properties take away from the guidance?
Government advice on home moving during the coronavirus outbreak – New build properties
In the main, it relates to standard conveyancing transactions, but it does state 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.
This will clearly apply to all new build properties and where a buyer does not have a related sale.
Where the buyer has a related sale, the guidance is that the parties in the chain should work together to come to an agreement for a delayed completion date.
To assist with delayed completions, UK Finance confirmed that to support customers who have already exchanged contracts for house purchases and set dates for completion, all mortgage lenders are working to find ways to enable customers who have exchanged contracts to extend their mortgage offer for up to three months to enable them to move at a later date.
This is another move that is being welcomed by developers across the UK.
Where contracts have not exchanged – developer’s concerns
Naturally, developers are becoming increasingly concerned about the delays in construction and increasingly want to exchange contracts on plots as quickly as possible to secure sales. For further information on this subject, please click here.
How can Nelsons help?
If you require any advice in relation to the topics discussed in this article, please get in touch with a member of our Commercial Property team in Derby, Leicester or Nottingham on 0800 024 1976 or via our online form.