We are still exchanging and completing cases, and minimising the risks by advising that the safest option is to proceed by completing on the same day as exchange of contracts (this is known as a Simultaneous exchange and completion).
Ordinarily, there is a period of time between exchange of contracts and legal completion. However in these uncertain times, there are a number of additional risks which may restrict your ability to move on a predetermined and contractually bound moving date. For example, you or someone in the chain could contract COVID-19 between exchange and completion which will restrict your ability to move. This could lead to hefty financial penalties under the contract.
Some Law Firms are suggesting additional clauses to be inserted into contracts to potentially mitigate these risks. Prior to exchange of contracts, your Lawyer will be able to provide you with advice on the options available to you, allowing you to make a decision that’s right for you.
Our best advice is for you to exchange and complete on the same day. Whilst not ideal as you will not have 100% guarantee that you are moving until the day, we think this is, on balance, the right approach during these extraordinary times.
If you think your case is nearly ready to exchange and complete, please keep in regular contact with your property lawyer, as we will be working for you. Please keep your personal and removal arrangements under constant review.