Many people will be concerned about what will happen to their house sale or purchase if they or the other parties involved have to self isolate due to Coronavirus, or you may be thinking about pulling out of a sale or purchase due to concerns about health or the transaction falling apart.
In response to this the Government has issued guidance in relation to clauses that can be inserted into contracts to cover these eventualities and these are being looked at by our property teams and will be implemented where suitable; you individual conveyancer will discuss this with you.
Also what you may be able to do is what is called a simultaneous exchange and completion, this is where instead of exchanging and then completing a week later it is all done on the same day. Your matter is set up for completion and then on the day everybody exchanges the contracts and then immediately sends the money and proceeds to completion. This allows you to move on the day in question and avoids any potential delays due to health issues.
In the alternative many parties may wish to put transaction on hiatus until such time as everything settles down, in such cases there may be no need to actually cancel the transaction but simply pause it for a period of time.
If you are worried about your transaction we suggest that you discuss this with your conveyancer and they will be able to discuss the options with you and also discuss this with the other side, or other parties that are within the chain to create a solution that works for everyone. Your conveyancer is here to help YOU and as such we recommend discussing your options before making any decision.