The COVID-19 lockdown has affected every single person in many different ways, our worlds have turned upside down and we are separated from those we love. The gravitas of the situation is huge and for some more challenging than others.

Government lockdown must be taken seriously, it is vital that we protect our NHS by staying home and observing social distancing.

With such heaviness it is equally important to maintain mental health, and if you can take the opportunity to try and find humour where possible.

Lock down has brought with it many challenges, the main one for a lot of people being the adjustment of working and being at home more.  I myself am no stranger to this adjustment, my slippers which are quite frankly disgusting , but my gosh are comfy, are now a permanent fixture welded to my feet and by the time this lock down is finished they will walk out the house of their own accord.

Without wanting to make too light of this situation, I asked friends, family and colleagues what they have learnt and observed over the last several weeks from lockdown, and without naming names this is what they told me!

I hope these little anecdotes made you smile and if you have any stories you would like to share with us at Franklins about what lockdown has brought to you please let us know.

Stay safe and wash those hands.

For legal advice and assistance, please do not hesitate to contact us on 01908 660966 / 01604 828282 or email info@franklins-sols.co.uk

On the 23 March at 8.30pm the nation watched as Boris Johnson announced a full scale lock down, setting out essential travel and social distancing.  How we function as a society has changed and the impact this has had on businesses, schools, health and welfare is far reaching.

The Bank of England have announced they will be putting in place a package of measures to assist businesses and keep people in jobs to help prevent COVID-19 from causing long term economic damage.  Interest rates have been cut to 0.1% which means cheaper loans to business and households and a further £200 billion is to be injected into the economy to help with public spending and continued investment.

Mortgage Lenders are also playing their part, Mortgage Payment holidays through government assistance and for those who qualify will be eligible for a three month payment holiday, this applies to both residential and buy-to-let mortgages.  To find out if you qualify for this you must first speak with your lender, it may also be worth checking if there will be a negative impact on your credit rating.    

However tread carefully; Mortgage Brokers are advising that if you can afford to pay your mortgage without a payment holiday then you should do so, the payment holiday is not free money,  the banks will add up the amount you didn’t pay to your total mortgage and when the three months are up your repayments will go up but with interest rates so low at the moment some are saying this makes little difference.   The general opinion is only take this route if you have little to no other option and get advice from your lender first.

More positive news from lenders is extensions on mortgage offers, you may have seen in the media that some lenders are extending the mortgages offers for clients moving home by a further three  months, it is important to note though that this is for offers on matters where contracts have already exchanged, this allows further dates to be negotiated where moving is not possible during the lock down.  If you have not exchanged and you are concerned that your mortgage offer is due to expire you will need to speak with your lender about extending your offer.   In all circumstances where you are extending your offer the lender may ask for further proof of funds and will be discretionary based on personal circumstances.

The main question I  still get is how will this affect my ability to move and what impact will this have on the value of my property.  The Government have produced more guidelines on house moves during the lockdown, these can be found in the link below, in essence the government are saying you can move if the property you are selling and or buying is empty, limiting the amount of journeys and making it easier to obey the social distancing rules.  If however you are in a chain whilst the government are not saying you cannot move they are strongly suggesting that this is done through a risk managed approach which may include long stop dates and the addition of contract clauses.   The Law Society are supporting house movers but have made it clear that once exchanged the conditions of sale are still enforceable if you do not complete on the legal date agreement.  What does this mean?   If you have exchanged with a fixed legal date and are unable to complete on that date action can be taken against you under the contract, this could result in you forfeiting your deposit.

As a firm we are doing our best to help you navigate through these government guidelines, we are assessing each exchange on a cases by case basis with a risk managed approach.  For further advice and guidance about your matter please speak with your Conveyancer.

In terms of the future impact on the housing market as yet we do not know what effect if any this will have, at this stage there is no firm evidence that this will have an impact on house prices.

Stay safe and keep washing those hands.

We are continuing to monitor the situation together with government and law society guidance. For more detailed advice on your matter please speak with your Conveyancer by calling 01908 660966 / 01604 828282. 

With all this uncertainty, the biggest question facing our industry is ‘How will this affect my house move’. We want to assure all of our clients that from our side it is ‘business as usual’ and we are still continuing to act in your best interest and get you moved as smoothly as possible.

There are, however, several factors which may have a knock on effect on timescales. Sadly, due to the Coronavirus, many people have had to self-isolate and work from home. This will include conveyancers and employees of other industries who we work alongside during the conveyancing process such as banks, housing associations, local authorities, land registry etc.

There will be a period of adjustment and during this time of upheaval if you are moving it is important not to panic but also, where possible, to be flexible with your own timescales for moving as your matter may be delayed.

Completion dates may also be affected as those who have to self-isolate will not be able to move. If contracts have already exchanged the date may have to be re-negotiated to a date which is better suited.

If you are concerned about your mortgage offer expiring speak with your lender about obtaining an extension. We will assist you with this where we can.

For the protection of our clients and staff at this time we are not seeing clients in our offices. If however it is urgent and you need to come in please call your conveyancer in the first instance.

We have made provisions for all of our staff to work remotely if it does reach that stage. We are taking Government & Law Society advice and are monitoring the situation daily. We are however conducting meetings through the phone, video conferencing, Microsoft Teams and the like.

Be safe and remember to wash those hands.

In this new world of uncertainty we want to continue working to make your conveyancing transaction as stress free as possible. If you are affected by the Coronavirus and have any questions about this then please speak with your conveyancer by calling 01908 660966 / 01604 828282 or by email.

On June 2016 the world watched as the UK voted to leave the European Union (EU)., with a promise of a stronger more independent country, what has followed is 2 years of uncertainty and confusion about which way the country is headed. Likened to the worst divorce since Paul McCartney and Heather Mills, the country is still left wondering; what settlement are we looking at?

There is no doubt that leaving the EU would have a huge impact on the Economy, borne into the financial sector and housing market. The average UK house price fell by £5,222 or by 1.7 % in November 2018 according to Right Move. Although, it is common for house prices to decrease slightly over the festive season the latest statistics indicate the largest month on month fall since 2012.​

A report produced by Savills Estate Agents indicates that house prices between London and the rest of the country will narrow by up to a 5th over the next 5 years.​

The prime top end of the property market relies heavily on foreign investment particularly in London, the vote to leave the EU has meant a drop in wealthy foreign investors, however in saying that this leaves a more open opportune market for buyers in the UK who are looking to invest.

What we are now seeing is sellers and agents reacting to this and decreasing their property prices, in turn buyers are reacting by putting a halt on their plans to buy or waiting for property prices to drop even further. The knock on effect of this reduction in public spending is creating a negative effect within the economy itself.​

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But it’s not all doom and gloom, overall house prices rose by 8.13 % on average from £215,078 to £232,554 since Article 50 was triggered in March 2018 according to the latest ONS UK House ​price index. Generally the housing market has been steadily climbing and even since the referendum the number of sales hasn’t gone down much. David Blake of Which? mortgage advisor ​has said  “I’m sure many potential buyers are waiting until we know more about the final deal, but this could go on a while and it’s tough putting your life on hold for an unknown…. Recent price ​drops in some regions mean that it’s becoming a buyers’ market, so you might be able to get  good deal’. Let’s face it: Brexit is a complete unknown, and while professional mortgage advisors won’t ​have all the answers, they will be able to explain your mortgage options to help navigate this period of uncertainty’”​

With just over two months to go until Brexit, confidence is low and if you buy now you may worry that your house could drop in value, but if you are going to be there for five or more years it shouldn’t ​make a difference and for landlords it’s a great time to pick up bargain!

It is important to remember that it is impossible to know the outcome and any kind of change will have an effect on the property market, but despite that the market as a whole has remained relatively resistant when compared to what was predicted.

If you would like advice or guidance on buying or selling your property, please contact Franklins on 01908 660966 / 01604 828282 or email us info@franklins-sols.co.uk. Our expert property advisors will give you all the information you need.