Any parties sensing this could be the case in their transaction should speak to their conveyancer so that no one’s time or money is wasted, advises Tony Clarke, managing director of the Rawson Property Group.
“It’s also worth noting there could be delays in the transfer process. Conveyancers should try to keep all parties updated if a delay is expected.
“If you have financial worries and find yourself concerned about your ability to meet your existing mortgage payments, for example if you are out of work, then be sure to contact your lender to discuss your options. Banks have put measures in place to assist with suitable individual solutions.”
Clarke says families should adjust their budgets and stick to them, and avoid securing cash advances.
“While this access to cash can be helpful in times of financial duress, it’s incredibly expensive and can lead to a future debt trap.