As of Thursday 5th, November to Wednesday 2nd December England will enter its second lockdown. British Prime Minister Boris Johnson has predicted that these additional restrictions will help to reduce the spread of the coronavirus.
However, this lockdown is a little more relaxed than the first, allowing more industries and educational settings to remain open. Our biggest worry was what would happen to the property market. However, from our viewpoint, we can say that everything seems promising, and the property market stays open.
There have been some minor modifications to parts of the home buying process, considering social distancing measures. The property market remains standing strong, here we compiled a list of what you are allowed to do over the lockdown:
For more information, click here to read the Government’s guidance and regulations.
Already, First-Time Buyers and Home Movers in Leeds been sending enquires regarding Lockdown 2.0 and how will this affect them getting a mortgage, so we put together a list of frequently asked questions that got asked:
Lots particularly asked it of homeowners during the first lockdown. In this lockdown, even though it’s much shorter, you can take a mortgage payment holiday if you need to.
We understand that many people need help meeting their mortgage payments, if this is your situation, then taking one out could be your best option.
To find out more helpful information about mortgage payment holidays and whether you should take one out, check out our mortgage payment holidays article.
If you took out a mortgage payment holiday during the first lockdown and are currently still on the scheme, you can extend your holiday so that it comes to a total of six months holiday.
However, if you have already had a six month payment holiday, you have already reached the six-month limit and therefore unlikely that you will be able to access this scheme once again.
Compared to the first lockdown, where the limitations imposed were a lot tighter, you are still able to move home. Household moving services, rental service, everything needed will be made available.
As previously mentioned, the home moving process will need to get completed under the social distancing guidelines. It’s going to be of most significance if you’re looking at other people’s home and taking house viewings regularly.
The Government are permitting you to visit your estate agent’s office. However, some estate agents have chosen to work from home and have closed their local branches, so check to make sure whether they will be open or not.
It would be easier to transact over the phone, and there is nothing wrong with this, you can still get the process started over the phone and even online.
We advise that you take your time if you are doing everything online, and make sure that communication is straightforward and easy to understand.
You can proceed with your house viewings, however, if it’s possible maybe you could try your estate agent’s virtual house viewing (if they are offering that).
Most home buyers are shifting towards today’s digital age and use this new method to house viewings; as a Mortgage Broker in Leeds, we also believe that the number of virtual viewings will rise over lockdown.
We know that this is a massive life decision, there is absolutely nothing wrong with opting out virtual option, but it is the safest option for the meantime.
Your estate agents will also check with the property owners that a socially distanced property viewing is serviceable and sanitised, if so, then you can arrange a date and time.
Depending upon the time of day and the homeowner’s situation, they may leave the property so that there as few people in the household as possible.
The property market isn’t on a pause like the first lockdown; you will be able to continue the home selling process as usual.
You will need to think about everything that comes with selling a property, and this will involve choosing an estate agent and a property valuation, getting pictures of the property taken, and so on.
With the guidelines and restrictions in place, there may be some delay in the process. Estate agents are very busy at the moment with enquiries, and with all of the different measures in place.
Things that are usually easy to complete are taking a little longer.
Yes, conveyancing solicitors will stay open during the lockdown. They are going to be available to support your property sale.
Once Again, most solicitors are working from home, and we recommend that you be patient while due to the demand in the property market, things may come more slowly than usual.
The property market is slowly catching up to speed and thankfully can keep trading through this lockdown.
If you are wanting to start the mortgage/home buying process and would like help from a professional. It may be within your best interest to get Mortgage Advice in Leeds.
As an experienced Mortgage Broker in Leeds, we have a wealth of knowledge in helping customers obtain their mortgage goals.
We want the whole process to run as smoothly as you do; don’t hesitate to get in touch today. We can’t wait to hear from you!