Residential Conveyancing Update – Covid-19
The Law Society has today issued additional guidance which covers how to amend existing contracts. It also provides advice for those of you who have already exchanged contracts and those of you who have not yet exchanged contracts. It further provides advice for those who have to move during the restricted movement imposition. The Law Society recognises the difficulties faced by those who are trying to move home, particularly those who have exchanged contracts but are not yet able to complete due to the restricted movement requirements.
To amend existing contracts, a draft clause has been agreed outlining the process for deferring a completion date. Conveyancers are encouraged to exchange a written agreement to vary the contract. To avoid contamination through physical documents, all parties will need to e-sign the agreement to vary the existing contract or authorise the conveyancer to sign it. Where contracts have been exchanged, the guidance states that it is a good idea to have a two-step process so that the move can be delayed until the end of the restricted movement period but with the ability to extend the timescale if restrictions are extended.
The full guidance can be read here. https://www.lawsociety.org.uk/support-services/advice/articles/guidance-to-conveyancers-advising-clients-on-house-moves/