Whilst the current Covid-19 crisis continues to create uncertainty across the UK there’s been some more positive news for those looking to buy or sell a property with the government confirming that the housing market will remain open and that, importantly, transactions should keep moving.
As a result we’ve come up with some top tips if you are considering buying or selling now, in the hope you can complete your sale or purchase soon.
Consider what you want. Your priorities may have changed as a result of recent lockdowns so it’s important to consider what kind of property you might want to move to next, which location and what price you might need to pay. A quick search on a good estate agency website should give you some clues and give you an appreciation of what you can now get for your money.
Think about your budget. You’ll need to know how much you can borrow to pay for your next property. Whether you have equity from an existing house, or are starting afresh as a first time buyer, it’s important to fully understand your finances and what mortgage deals (or support packages) are available to you - particularly if your personal circumstances or income has changed in recent months. That’s where Embrace Financial Services could offer support and, by now offering secure video appointments, there should be no delay in them helping you, despite the current restrictions.
Choose an estate agent who you know is responding effectively to the crisis. Whether selling or buying, check out the websites of estate agents, before choosing one, to be assured that they are following all government guidelines and will help you in the best, and safest, way possible. All should operate an appointment only system and the best ones will offer advice, information, or even videos, to demonstrate how they will conduct valuations and viewings (including 360 degree virtual viewings) during the current crisis. Good ones to check out include Your Move and Reeds Rains.
Be flexible. Once you’ve secured a sale our purchase, it’s important to accept that any contracts or agreements may have to be more flexible than normal in case anyone involved in your sale or purchase is affected by the coronavirus. This might mean including terms within the contract that would allow for some movement on the completion date or moving date – your solicitor and estate agent should help with this.
Prepare for moving day. In preparation for moving day, start packing items yourself wherever possible and make arrangements well in advance with any removal firms. It’s also important to understand how they are following government guidelines and how they will reduce the risk of transmission. This is particularly important when supporting vulnerable households who should also seek advice from their GP if they have concerns about the house move.
Feel confident. Ultimately you need to feel assured that everyone you deal with in buying or selling your property is following the appropriate government guidelines. At Embrace Financial Services we’ve got the advantage that we’ve got a specialist team in place who are ensuring that all our Financial Consultants, and support teams, are adhering to the strict government guidelines and monitoring developments daily so that we can protect our customers, our colleagues and all those we work with. You can find out how here.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Embrace Financial Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.