Moving house in April. Worried about COVID-19 lockdown!

aestivus

I'm due to complete next Thursday. All the rumours of London going into lockdown are freaking me out, but what can I do right now? Wait and see, I guess. Trying not to get too worked up - if it impacts me, it's going to impact most (if not all) of the chain, so hopefully we'll all be in the same boat and have to deal together. 

(Easier said than done. I'm a FTB - this is all new to me, and I'm stressed out to begin with.)

Toodlepips

Also due to complete next week... we are new build buyers exchanging and completing the same day. Now a lockdown is looking more than likely, I just want to hurry it all along so we are in the house when it happens! waiting for the ATE to come through and then all systems go. Like buying a house isnt stressful enough, lets whack a global pandemic in the midst! 

Dancer11

I’m also due to be completing next Friday, on a new build, and slightly worried incase we are in lockdown and it doesn’t happen! 

Keeping everything crossed for us all! 🤞

davidmcn

mrblackers1 said:

Biggest issue for me is exchanging and not being able to complete on designated completion date due to forced isolation. This carries a huge penalty for us for something that is forced. No exemptions currently.

Just try not to isolate yourself somewhere which you have to vacate! The transaction can complete without you physically moving anywhere.

Dancer11

davidmcn said:

mrblackers1 said:

Biggest issue for me is exchanging and not being able to complete on designated completion date due to forced isolation. This carries a huge penalty for us for something that is forced. No exemptions currently.

Just try not to isolate yourself somewhere which you have to vacate! The transaction can complete without you physically moving anywhere.

So if we were in lockdown, would we still be allowed to pick up keys and move in? I’m in a rental with a 2 week overlap from completion date until notice on the rental expires.  

Our mortgage offer is also due to expire 5 days after the end of the tenancy, so desperate to get this to completion asap. 

davidmcn

Dancer11 said:

davidmcn said:

mrblackers1 said:

Biggest issue for me is exchanging and not being able to complete on designated completion date due to forced isolation. This carries a huge penalty for us for something that is forced. No exemptions currently.

Just try not to isolate yourself somewhere which you have to vacate! The transaction can complete without you physically moving anywhere.

So if we were in lockdown, would we still be allowed to pick up keys and move in? I’m in a rental with a 2 week overlap from completion date until notice on the rental expires. 

We don't have much of a precedent for what a "pandemic lockdown" actually entails, but in other countries they appear to generally be permitted to go out for essential activities, so I would guess that moving house would be permitted.

I thought you might mean personally trying to isolate yourself from other people because you're actually infected (or assumed to be), but if that were the case then other people could pick up your keys and do your move while you stay in a sick room somewhere.

Dancer11

davidmcn said:

Dancer11 said:

davidmcn said:

mrblackers1 said:

Biggest issue for me is exchanging and not being able to complete on designated completion date due to forced isolation. This carries a huge penalty for us for something that is forced. No exemptions currently.

Just try not to isolate yourself somewhere which you have to vacate! The transaction can complete without you physically moving anywhere.

So if we were in lockdown, would we still be allowed to pick up keys and move in? I’m in a rental with a 2 week overlap from completion date until notice on the rental expires. 

We don't have much of a precedent for what a "pandemic lockdown" actually entails, but in other countries they appear to generally be permitted to go out for essential activities, so I would guess that moving house would be permitted.

I thought you might mean personally trying to isolate yourself from other people because you're actually infected (or assumed to be), but if that were the case then other people could pick up your keys and do your move while you stay in a sick room somewhere.

Thank you, you’ve put my mind at rest that it hopefully will all still go as planned! 😊

philcrudge

lockstock27 said:

Hi, 
We are currently just about to set a date of the 24th April. Yet to exchange contracts. have been on the fence about the move for a few weeks due to other ongoing health issues in the immediate family but today my wife told me someone she works with has been contacted by their solicitors regarding their move. They have been advised to consider how they wish to proceed as there could be an effect on the value of the property with the current global outbreak.
Personally I'm considering backing out and waiting to see how things go early next year.

My son has exactly the same concerns. He is terrified that house prices will crash and he will be left with negative equity. Should he stall the purchase?

Davesnave

philcrudge said:

lockstock27 said:

Hi, 
We are currently just about to set a date of the 24th April. Yet to exchange contracts. have been on the fence about the move for a few weeks due to other ongoing health issues in the immediate family but today my wife told me someone she works with has been contacted by their solicitors regarding their move. They have been advised to consider how they wish to proceed as there could be an effect on the value of the property with the current global outbreak.
Personally I'm considering backing out and waiting to see how things go early next year.

My son has exactly the same concerns. He is terrified that house prices will crash and he will be left with negative equity. Should he stall the purchase?

Nobody here knows your son's circumstances. Some people have very resilient employment and others might be better off not being saddled with a mortgage which ties them to  specific area in volatile times, but all of us have to live somewhere.

The main thing those worried about negative equity need to consider is their likely term of occupation. If it's a property for the long haul that's reasonably adaptable to change, then a few years of downward movement in the market may be of little concern.

Kallb123

We're also due to complete the purchase of a new build a week today. My two worries are the mortgage falling through or the removals company not being able to turn out. I would hope that if something happens with the whole banking system then the builder would act in good faith with our deposit and let us try to complete again.
There's not much I can do about the removals company, I just need to ensure we wouldn't have to pay like someone suggested earlier.