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Original poster

Covid clause - mortgage

6 replies

lilfoxfur · 24/09/2020 19:43

My dm is in the final stage of selling my dgm's bungalow. She has a buyer and they were expected to exchange today however there's been (yet another) delay today, and I quote from dm "they're looking into a Covid 19 clause, the solicitor doesn't know what they mean"

Can anyone shed any light on this? This whole process has been so stressful for my dm on top of losing my dgm which has been so hard on all of us. She was so looking forward to exchanging today. If anyone has any ideas about this I'd truly appreciate it.

OP posts:
LegoCardSwapper · 24/09/2020 19:49

I think it's a clause about what happens if someone in the chain has to isolate between exchange and completion, or if there is another national lockdown and moves can't happen. That's how my solicitor explained it to me last week.

LegoCardSwapper · 24/09/2020 19:51

Typing this I've just realised I don't actually know what the clause says or what would happen.

Original poster
lilfoxfur · 24/09/2020 21:02

Thank you!! I really appreciate that

OP posts:

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Honorocarrollkelly · 24/09/2020 21:32

A consultant at work was talking about how when HIV was first around it could affect your mortgage etc. And loans.
It’s the unknown. People who seem to be suffering from post Covid illnesses, for example. Apparently insurance companies etc try to protect themselves. We haven’t gone for antibody tests for this reason.
Not sure if that is anything to do with it?

dontgobaconmyheart · 25/09/2020 10:05

A quick google shows this OP:

How does a COVID clause work? ... a party will not be in breach of its obligations because of a delay caused by COVID-19, and either party may terminate the contract if completion does not take place by a specified long-stop date, fixed at an agreed date beyond the contractual completion date.

I would be Hmm that her solicitor is saying they don't know what this means and would be requesting they appraise themselves promptly or seek a senior opinion. All being well I can't see how it would affect the eventual sale in your DM's circumstances of sale.

Condolences and wishing her all the beat for this to resolve quickly Flowers

SadAndPregnant · 25/09/2020 11:02

But if nobody lives in the house they're buying surely this shouldn't be an issue? When were they likely to complete?

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