Should I go ahead with Completion

[vivimimi]

Hiya

We are process of purchase of a home. Its a probate property and needs work. We are all looking forward for the house. We surely love it. We getting a good deal as well i.e. nearly 150k below the market price of other similar property in the neighbourhood.

We are at final stages of the Conveyancing, although over last week the process has slowed down.

With the COVID issues going around, what's the general view from others, Should we go ahead or hold back?

We surely love the property. We know its a long term and value of the property will surely climb back. Mortgage wise also getting benefit with rate cut, offer granted. Currently we stay in rental, hence surely better to move to own home.

But what about the Uncertainty.

Any thoughts.

The government has told people not to

can you afford the mortgage as well as your rent for a few months, if so id be tempted to complete but not move in for now

If you can afford the rent and mortgage then why wouldn't you?
You won't be able to move yet but can as soon as restrictions are lifted.

I had factored 2 months of dual payment due to works that need to be done. But now looks like that may get longer.
Btw the house is vacant, but I guess we will have restrictions to do any works in the house.

Sounds like delaying the Completion is better.

The guidelines suggested that purchasing of a vacant property is ok, so long as you’re careful if you’re actually moving in.

As far as I’m aware, you’re still allowed to have workers in the home. You may be able to get some of the work done if people are happy to work in a vacant home?

Happy to stand corrected on any of the above!

Have you exchanged? In which case you're legally bound to complete or lose your deposit aren't you?

@JammyDodgersandPeas
we haven't exchanged contracts yet. the Conveyancing process has suddenly slowed down.

We are in the same situation. What we are concerned the most is what if our mortgage lender withdraws the offer as many are doing so. :'(

Lola yes that's all correct. Vacant propertie are fine, removals aer allowed to work but must adhere to distancing and hand sanitising.
Re workd inside the house - I 'm sure you are not allowed to have many / several workers in, but can hae one at a time, or maybe two if working in diff areas. But in any case you can buy and move in but do work later if you need a whole team of workers there together.

sorry for typos.