As from today, all Panel Surveyors (instructed by Lenders) have been grounded, no longer able to make Site Visits.
This will have a massive effect on the Real Estate Market as, although SOME Lenders can facilitate SOME “Desk Top” valuations, the reality is that Lending for Mortgages has stopped. for all practical purposes.
If you have a Mortgage Application for Purchase in Pipeline that has yet to reach Valuation Stage, then process will cease immediately, & will need to re-apply when the situation improves.
If you have reached Valuation Stage, then you will already have received your Offer, or your Offer will be produced in due course.
If your Financial Circumstances have changed betwixt Application & Completion, you are obliged to inform Lender (& run the risk of the Offer being withdrawn)
If your Offer is already with your Conveyancor, he will be Raising Enquiries, Raising Searches & liaising with Other Solicitors in the Chain, under the cloud of Govt Restrictions to Working Practices between all those Depts, leading, inevitably, to delay in Process. It is also very likely that the Chain will break due to Individuals’ fear of economic uncertainty, without scope to re-link.
In the event, that the Chain is sound & ready to set Dates for Exchange & Completion, there is some confusion currently as to whether Removal Firms will be allowed to continue to practice.
If you are Re-Mortgaging your home to another Lender, it may be possible that the new Lender can accommodate a “Desk Top” Valuation, but it is a long shot, & I would suspect that those Lenders will choose to close that route anyway.
If you are reaching the end of your Interest Rate Period & your Lender has a Retention Policy (All High St Lenders do) then a Rate Switch can be arranged-You should contact your Broker or your Lender.
I have also att a Guide to the new HMRC Rules
Should you have any queries re the above, or any other financial issue, please do not phone, but do feel free to email me
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Regards
Ron Radway
OneCall-01268 799211
