Buying a House in Lockdown

HilJacobi

My house is rented out, I live in my campervan and have done for almost two years. My tenant is buying my house, we're half way through the process. Couple of questions... is there any reason there should be a delay? (there is no physical move to do). More importantly, where can I invest the money when it's all gone through? Only £85,000 is protected in a financial institution, and I haven't found any bank that will pay any reasonable interest. Don't want to tie it all up for years in order to get a better rate, as hoping to eventually find somewhere else after lockdown.

davidmcn

HilJacobi said:

My house is rented out, I live in my campervan and have done for almost two years. My tenant is buying my house, we're half way through the process. Couple of questions... is there any reason there should be a delay? (there is no physical move to do). More importantly, where can I invest the money when it's all gone through? Only £85,000 is protected in a financial institution, and I haven't found any bank that will pay any reasonable interest. Don't want to tie it all up for years in order to get a better rate, as hoping to eventually find somewhere else after lockdown.

Probably better to start a new thread rather than confuse things by posting on this one. But no, you've seen the guidance above and it's about moving house, so that isn't a reason to stop your transaction progressing. Be aware though that other parties involved in the transaction are likely to be working slowly (or not at all) so there may be problems in getting surveys, mortgage offers, searches etc.

As for banks, there's advice elsewhere on this site about best buy accounts, it's not really a house buying question. Obviously interest rates are all very low at the moment. 

HilJacobi

Thank you davidmcn, I thought I had started a new post! I'm new to this, sorry. Thank you. 

shinytop

davidmcn said:

shinytop said:

davidmcn said:

My point was that the guidance is about moving house - you can still buy one. The solicitors aren't in charge of whether or when you shift your stuff. 

Fair enough, but most people, including me and our vendors, want do both at the same time.  

If, as you summarised above, the disclaimer refers to the transaction being not allowed then it's patently nonsense. I would probably just sigh and humour the solicitors by signing the thing.

I would agree though that you would be acting against current guidance by choosing to move house. I take it there's no important reason justifying moving that you haven't told us about. 

The disclaimer is vague, general and doesn't differentiate properly between the transaction and the move.  Even if I wanted to sign a disclaimer, I wouldn't sign this one.  There is no other reason to justify our moving that fits within with the government advice.  I think house moves may be among the first restrictions to be relaxed and we're happy to wait.   

GDB2222

The regulations are here
http://www.legislation.gov.uk/uksi/2020/350/made

That is the law, rather than the advice given by various ministers at different times. Nevertheless, taking action to move house at this time must mean putting yourself and others at risk of infection. So, there’s a moral aspect to this, as well as a legal one.