If you are currently moving home, or looking to do so shortly, you should know your legal position before you go ahead and exchange contracts.
Once contracts are exchanged you are legally bound to complete on the fixed completion date or on notice depending on your contract. If you are not able to complete on the completion date for any reason then the contract will be breached and the party who is not ready to move will be liable under the contract for charges and interest.
If you have not completed 14 days after the completion date the other party can cancel the contract and if you are the buyer then the seller can keep the deposit that you have paid.
Sadly if you or your family have a suspected case or a confirmed case of the coronavirus this is not a valid reason to delay completion and if you cannot complete you could be out of pocket. We would hope that other parties in the chain will be understanding at this current time and agree to vary the contract to postpone the completion date however this cannot be guaranteed and relies on goodwill.
At Backhouse Solicitors we will be working to protect our clients and limit the risks as much as possible in these unusual times. If you need help or advice about your property transaction then contact us today to speak to one of our expert property lawyers.
The Backhouse Solicitors Team
Tel: 01245 893400
Visit: 17 Duke Street, Chelmsford, Essex CM1 1JU
Or send us a message through the Contact Us page on this website