The uncertainty surrounding the Covid-19 pandemic is understandably causing concerns to those involved in property transactions.
While there is no ‘one size fits all’ approach, care should be taken when Covid-19 is present in a transaction. In cases where Covid-19 is possible but not present the parties should take a view on how to proceed.
At present, where contracts have been exchanged and one party is not able to complete, e.g. because they must self-isolate, the party failing to complete will be in default and will incur the relevant penalty. The parties are obviously able to take a good faith view to avoid this but are not obliged to.
We will continue to monitor guidance and provide updates as applicable.
If any of our clients have concerns about their transaction, they should contact the relevant fee earner.
HMG LAW Oxford (01865 244 661) and Bicester (01869 252 244)