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Mark-Sheridan 22403208 Cv-Library 2

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17 views3 pages

Mark-Sheridan 22403208 Cv-Library 2

Uploaded by

joanie0161
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Miss L E Shufflebotham and Mr N D Wakefield

11 Highfield Road
Marple
Stockport
Cheshire
SK6 7NG

Our Ref: AMI/Shufflebotham/405578.001 Contact: Abdul Miah


Direct Tel:0113 2207 438
Your Ref: Email: [email protected]
Fax: 0113 2207499
8th April 2021

Dear Miss Shufflebotham and Mr Wakefield

Your sale of 61 Chaplin Close Salford

This letter is to confirm our current advice regarding property transactions in light of the
ongoing coronavirus (COVID-19) outbreak. We will not be updating this and it is for you to
ensure that you understand the guidance applicable to you now and in future.

The coronavirus (COVID-19) regulations to make clear that people who wish to move home
in England can do so but please make sure you read the detailed guidance.

https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-
covid-19-outbreak.

This is the current guidance but could of course be subject to change (potentially at short
notice) for instance if the infection rate rises and restrictions on movement are re-imposed
for a further period.

We would still suggest that you try to minimise the period of time between exchange and
completion to reduce the risk of something happening which could jeopardise the transaction
whilst it is under contract. For instance (this list is NOT intended to be exhaustive):

 You, a family member, your buyer/seller or someone else in a chain may be unable
to move out, either through illness or the need to self-isolate
 Whilst removal firms now have established protocols for working within the social
distancing guidelines, if these could not be met (for instance through illness or need
to self isolate) you may need to make alternative arrangements, potentially at short
notice

In these uncertain times of Coronavirus, and with immediate effect, our preferred method of communication for
you to contact us is e-mail which will allow us to deliver the same level of customer service in the event of staff
having to work out of the office. Keep safe.
 Your personal or financial circumstances including the availability of financing may
change between exchange and completion
 Reduced staffing levels at mortgage lenders may mean delays in obtaining mortgage
advances or redemption statements.

Once you do exchange, if you are unable to complete for any reason, you will be in breach
of contract unless the entire chain agree to delay matters. The implications of a breach can
range from the payment of interest under the contract and loss of the 10% deposit paid on a
purchase to incurring any reasonable costs of your seller/buyer which flow from the breach
(including costs for temporary accommodation). These costs can be significant, especially if
you are in a chain of transactions.

A same day/short period exchange and completion is possible and could minimise the risks
above but does involve additional work for which we reserve the right to charge an additional
fee. Your conveyancer will discuss this with you if applicable. A same day exchange and
completion does however have its own disadvantages as no one is legally committed and
could change their mind without penalty until the day exchange and completion takes place.
If you have incurred expenses, for instance removal costs, you would be unable to reclaim
these in the event that exchange did not take place. Delaying exchange until close to, or the
day of, completion date might also mean you or other parties are potentially impacted by
other factors such as changes in property values, lending criteria or Government guidance or
restrictions in the meantime.

You can of course proceed to exchange with a deferred completion date, rather than a same
day exchange and completion provided you accept the risks of doing so. Generally, the
greater the period between exchange and completion, and the longer the chain, the higher
the risk. Whilst additional contract clauses could be used to try to minimise the risks if you or
someone else in a chain cannot complete as planned because of Covid19, it is not possible
for any clause to cover all eventualities, especially in this kind of unpredictable, evolving
situation. In practice, they can be difficult to negotiate especially where all parties in a chain
should agree to use the same clause. Such clauses are untested and could involve court
proceedings to try to enforce in the event of a dispute. It must therefore be your decision in
the event of instructing us to proceed on the basis of a deferred completion date whether or
not to ask us to try to include such a clause. If you wish to do so, you must tell us before
giving authority to exchange.

Where a property will be unoccupied for an extended period following exchange (either
because of the completion date chosen or in the event of an unexpected completion delay),
you should ensure the buildings insurer is aware and check that cover will remain in place.

Before committing to exchange contracts on a purchase we would always recommend you


review your life and income protection cover arrangements with your financial adviser and
consider the impact that changes in property prices or your personal circumstances, for any
reason (including Covid19), could have on ongoing affordability. As you will be legally
committed to complete once exchange takes place, any policies must be on risk from
exchange.

If your transaction involves a physical move to, from or within Wales, different guidance
applies.
https://gov.wales/staying-home-and-away-others-guidance

Unfortunately you must make a decision based on your own circumstances and on the
understanding that the full extent of the risk (whether large or small) may not be truly
understood at this stage and may well change. However you choose to instruct us to
proceed in terms of 1) delaying exchange until nearer (or the same day as) completion or 2)
proceeding to exchange with a deferred completion date with or without a variable
completion clause, for professional reasons we need to have stated our advice in writing.

Please understand that if you incur loss or action against you as a result of your instructions,
we shall not accept liability and as such, you agree to take no action against us as a
consequence. You will incur both the benefit of taking the risk (proceeding with the
transaction as instructed), or the burden of it if the outcome is not acceptable to you.

We will take your instructions to proceed to exchange as confirmation that you have read,
understood and accept the above.

……………………………………….

…………………………………………

Yours sincerely

Abdul Miah
Advantage Property Lawyers Ltd

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