Covid Rider - supplement to contract

Maz1963

One of the parties further down my sales chain has asked all concerned to sign a Covid Rider in addition to the contract.  Having read it, it allows for delays due to various Covid related situations. I completely get the spirit of it, but as the person at the top of the chain moving into rental/temp accommodation, I don't see how I can agree to the terms of it.  We agree a completion date, I prepay accommodation or sign up for a rental, someone has a reason to delay, and I lose deposits/prepayments for accommodation which I may not be able to recoup.  Has anyone else been asked to agree to such a document in the current climate?  I've raised concerns with my solicitor, but wonder if I'll have any option other than agree to it in order for the chain to hold and all to exchange. I don't understand the need for it when housing transactions are still proceeding.

davidmcn

Care to share the wording of it?

AdrianC

Is the chain looking to simultaneously exchange and complete?
If so, it's utterly irrelevant.

If not, what sort of timeframe between the two?

Maz1963

We are currently looking at approx 2 weeks between exchange and completion.  I've done some Googling and it seems that this extra set of clauses is becoming more common.  My worry is that there are so many ifs and buts covered in it that we'll never be able to agree on a completion date!  

Hannimal

The other people have much, much more money at stake than someone moving to a rental should they be required by law to self isolate for example. This would delay the move. Let's hope it doesn't get to it but I think it is reasonable to have something in place for that. 

Lucielou1

How did things work out? Just wondering as we should be completing on 20th. Our solicitors said they will only exchange day before because of lockdown etc. My sellers solicitor wants to exchange week before with a Covid rider. Our solicitors are insisting they will not do this. So not sure where it leaves things. We are in a chain of 4. Our buyer is also using same solicitors different office. 

Maz1963

The day after I raised concerns with my solicitor about these extra Covid clauses, she came back to say that the party who had requested them was happy to proceed without them, and we exchanged shortly afterwards.  I've had just under two weeks between exchange and completion as I've been insisting on this all along because of having to look for some temp accommodation. Turns out I'll now be staying with a friend for a while.  One thing I hugely underestimated was the volume of stuff I have to pack,  But nearly there. It's amazing how much comes out of cupboards!  I've had an unpleasant experience with a new build, to the point where their 'bullying' to exchange made me rethink, and I pulled out. But now although living with a friend is not ideal for the longer term, it's easier than renting, and I'm in a better position to buy.  Just waiting for the right thing to come along.  Good luck with your exchange.  

sapness

We are also in a similar position where a few weeks ago all parties agreed 20th nov as completion date with exchange as close as possible. Now with a week to go we are hearing that some people are not happy that exchange hasnt happened and are accusing our solicitor of holding things up by not exchanging. Our solicitors  have emailed us to say that if we want to exchange asap then we can but it's against their advice. No one has mentioned a covid rider though.