Failure to complete house purchase after exchange due to coronavirus

gongoozler1

Looking to exchange in a couple of days, and part of a long chain. What happens if someone in the chain has to self isolate before completion and/or gets the virus, and thus the chain goes into default AFTER exchange of contracts ?? 

Windofchange

The people in the chain as in the new owners aren't involved surely? This is solicitors doing their thing, so doesn't involve you needing to go anywhere or do anything. If the solicitors themselves are all off ill then presumably their firms have people who could step in just as they would through any other sickness - for my purchase for instance, our solicitor went on holiday for 2 weeks and someone else tended to the admin / queries that we had. If the whole country shuts down and the banks shut their doors then all bets are off, but that presumably would stop everyone in the chain from doing anything, not just the one person. Who in particular are you worried about breaking the chain? 

Thrugelmir

If people in the chain become infected. High possibility that they won't be in a fit state to physically move. 
Given the circumstances. Pragmatism will win over one hopes. As the delay (hopefully) will only be temporary. 

FtbDreaming

Do you mean physically complete as in vacate the property / move into new one? Unless they were seriously ill they could probably still move without having much contact with others. 

Id probably mask up and give the house a good scrub if i was moving into a house with positive previous occupant though

jamie_128

what a random question, you do know only 300 people in the uk are infected as it stands? its just a slightly deadlier strain of flu, the media have got everyone panicking way more than they should. 

davidmcn

gongoozler1 said:

Looking to exchange in a couple of days, and part of a long chain. What happens if someone in the chain has to self isolate before completion and/or gets the virus, and thus the chain goes into default AFTER exchange of contracts ?? 

The same things that happen if someone falls ill or becomes unable to move house for any other reason (which for the meantime are still more likely scenarios than the coronavirus).

hazyjo

jamie_128 said:

what a random question, you do know only 300 people in the uk are infected as it stands? its just a slightly deadlier strain of flu, the media have got everyone panicking way more than they should. 

Not that random - we've had 4 or 5 people ask the same thing on here in the last week lol.

greatcrested

Froma legal perspective it's no different to any other reason for failing to Complete. The party who does not vacate/Complete may lose their deposit on their purchase plus be liable for all the consequential costs/losses of everyone in the chain, which might include other people's deposits, hotelbills (if relevant) aborted removal companies etc etc.

One would hope that all those in the chain would take a sympathetic view, not enforce all their legal rights, and wait out the 14 day incubation period - but that would depend on all their circumstances and their goodwill.

Crashy_Time

jamie_128 said:

what a random question, you do know only 300 people in the uk are infected as it stands? its just a slightly deadlier strain of flu, the media have got everyone panicking way more than they should. 

Really? Why don`t financial markets melt down every flu season in that case?

oldbikebloke

Crashy_Time said:

jamie_128 said:

what a random question, you do know only 300 people in the uk are infected as it stands? its just a slightly deadlier strain of flu, the media have got everyone panicking way more than they should. 

Really? Why don`t financial markets melt down every flu season in that case?

good old crashy, so desperate to tie everything into his house price crash agenda he always misses the point. Oil prices have NOTHING to do with house prices no matter how desperate you are to link them 

Crashy_Time

oldbikebloke said:

Crashy_Time said:

jamie_128 said:

what a random question, you do know only 300 people in the uk are infected as it stands? its just a slightly deadlier strain of flu, the media have got everyone panicking way more than they should. 

Really? Why don`t financial markets melt down every flu season in that case?

good old crashy, so desperate to tie everything into his house price crash agenda he always misses the point. Oil prices have NOTHING to do with house prices no matter how desperate you are to link them 

Try telling that to someone in Aberdeen. You are confused about the timeline of this market event IMO, and also about causes and correlations, the markets and oil price were slipping already based on fears about slowing economic activity due to the virus, the Saudi/Russia spat came later and exacerbated the situation (big time admittedly) You might also want to consider how slowing economic activity/oil price drops could affect companies/countries ability to pay back debt and how debt defaults could trigger a credit crunch which may lead to a repeat of 2008 for house prices with central banks low on tools to prop the bubble. As is the case more and more on here the desperation of some posters to believe (and to have others believe) that house prices exist in a rarefied space above and beyond the laws of global economics is becoming embarrassing.