The uncertainty surrounding the Covid-19 pandemic is understandably causing concerns to those involved in property transactions. The government has indicated that while there is no need for parties to pull out of transactions, parties should follow guidance to stay at home and away from others while at all possible.
Where a property is vacant people can continue with the transaction subject to the government guidance as regards home removals.
If a property is occupied the government advises that, if possible, completion should be delayed (by agreement between the parties) until a point where the current measures are no longer in place.
It is important to note that where contracts have been exchanged and one party is not able to complete, e.g. because they must self-isolate, or they are not able to find a removal company, the party failing to complete will be in default and will incur the relevant penalty unless completion is delayed by agreement.
While all parties involved in transactions have been encouraged to take a good faith view, they are not obliged to.
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)