How to Make Best Use of Coronavirus Covid-19 Lockdown for Property Buyers and Sellers

As lockdown continues at the beginning of May 2020, for anyone thinking of selling or buying as property this is a great time to get your ducks in a row so that you are in pole position for when restrictions begin to be relaxed. 

Here are some handy hints for potential property sellers or buyers on how to best use this time during lockdown.

Get Your Finances Sorted Out

Have you taken professional, independent mortgage advice or have you only done a quick search online for your mortgage options? 

Mortgage lending is largely criteria-based these days, so that great rate that you found online might not apply to the particular type of property you are looking at. 

We work with fantastic, independent mortgage advisers who will happily give you free, initial advice as to what your options are. Let us know if you would like a warm introduction.

Prove Your Funding

As a buyer, you will have to provide your purchasing solicitor with proof of your Source of Funds as well as your Source of Wealth. 

If you are getting a gift from a parent, for example, you will also have to provide the same evidence for them. 

This takes people by surprise who haven’t moved in the past 3 or so years. 

If your money is coming from a savings account, you will have to prove not just that it has come from this savings account but also how you have accumulated that wealth. 

So, if your money is from salary, you will need to prove your salary. If you sold shares in Uber in 2018 for a small fortune, you’ll need to prove it. This can be time-consuming so make sure to do it now to avoid a delayed transaction in the future.

Spruce Up Your Pad

Most people find themselves in a position of having to sell a property at short notice, whether it’s because they have found something they love, they have to move for work or they discover that they are having triplets!

Everything is on hold at the moment so, if you are thinking of selling, take this opportunity to do the little things that will make a big difference to buyers. 

A lick of paint and a neutral colour goes a long way to maximising the appeal of your property to buyers. With Virtual Viewings likely to last long beyond a relaxation of social distancing rules, a neutral colour will maximise the appearance of space in your property and provide the broadest appeal to property buyers. Similarly, decluttering and getting rid of unnecessary pieces of furniture in rooms will show your rooms off to the best advantage, particularly when a potential buyer is seeing your property through the lens of a smartphone.

Get Your Will Sorted

Wills are one of those things that everyone is too busy to do. “I’ll do it later”…

Now is the perfect opportunity to get a Will or update an existing Will.

MOV8’s Private Client Team can help you to review your existing Wills, create a new Will or to arrange a Power of Attorney for you or a relative who might need one.

We conduct ‘virtual meetings’ and even ‘virtual signings’ with our clients and their relatives, so you will have your valid and finalised Will or Power of Attorney in your hand without any need for an in-person meeting.

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