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Will COVID19 Affect My Property Sale And Purchase?

Posted on 18th March 2020

If you are buying a property, but worried how the Covid 19 virus would affect the purchase. MG Legal, property solicitors in Lancaster, tell you your options.

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The property purchase is supposed to go through this week- will the purchase be postponed?

The short answer is no. MG Legal’s property solicitors in all of our offices, Lancaster, Garstang and Longridge, are open, and will remain so.

And the seller’s property solicitors?

To date, we are unaware of any solicitor in Garstang who are not in the office. Likewise with our fellow property solicitors in Lancaster or Longridge, are still working to get all property sales and purchases completed, and shall continue to do so, without disruption.

What is the worst -case scenario for my property purchase?

In any property transaction, there’s more than just your instructed solicitor to think about: There’s the other sides solicitors, the estate agents, removal people, and in the case of a new-build property, the builders. Our solicitors are still in the office, and will continue to be so, welcoming new clients, and old. But if the seller’s solicitors close, prior to the exchange of contracts and completion, then it could be that the property transaction does not go ahead until their offices re-opens.

Will I be covered for search fees, agents fees, and solicitors costs?

Well, we have good news. There are various insurance packages out there, with many offering Residential Abortive Transaction Insurance. There have been many occasions, and indeed, many reasons why a property sale or purchase can indeed not complete. In the event of a failed sale or purchase the customer can cover the costs of conveyancing fees (including searches), lender’s arrangement fees and survey/valuation fees.

In the UK last year, over £400 million was wasted on failed property transactions in England and Wales. Insurance for covering your property solicitor’s legal costs, searches, and surveys is not a new thing, and we at MG Legal, solicitors in Lancaster, will be more than happy to walk you through the same.