Important Government update on purchase applications
Message from one of our lender partners and we anticipate others will also issue similar notes shortly:
UK Finance has been seeking urgent clarification from the government about whether home purchases should continue at the current time, particularly as physical property valuations are no longer possible. The government has now stated that:
- Home buyers and renters should, as far as possible, delay moving to a new house while emergency measures are in place to fight coronavirus.
- If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on social distancing to minimise the spread of the virus.
- Anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice and not move house for the time being.
Further detailed guidance is anticipated shortly, and UK Finance are seeking urgent clarification from the FCA that they see no barrier if the customer wants to go ahead.