Property professionals reveal how they are navigating delays amid Queen's funeral

The last minute Bank Holiday for the Queen’s funeral on Monday has created some logistical issues for the property market.

A legal expert has warned that buyers will need to check when their mortgage runs out while another property  professional has revealed how he is navigating the situation.

Simon Nosworthy, head of residential conveyancing at Osbornes Law, said buyers and borrowers may need to take action to stop mortgage deals collapsing.

He said: “If your mortgage deal runs out on Monday, then you will need to try and bring the completion date forward. However, with such short notice this may prove difficult as it would mean getting all parties in a chain to agree to a date change. 

“There are also logistical problems in that it will most likely take more than a couple of days to draw down the money from the bank, making a move very difficult to achieve

“If moving the completion date forward is impossible then you will need to contact your mortgage provider and ask, or most likely beg, them to extend your mortgage deal for a day or two. 

“Unfortunately, with interest rates going up recently, we are finding that lenders are refusing to do this under any circumstances. We have had to complete a number of deals extremely quickly recently as our clients’ mortgage deals were about to expire and the banks refused to extend their deals.

“If you are unable to move the date or get the bank to extend your mortgage deal, then it is unfortunately highly likely the transaction will collapse. In the worst case scenario other members of the chain could potentially take legal action against you and your conveyancer should be able to advise you about any potential issues here.”

Paul Gibbens, of quick-buy firm Housebuyers4u, said the Bank Holiday has delayed completions by a couple of days as many people take off an extra day sometimes making it into a long weekend, so in essence one loses two working days as opposed to one.

He told Estate Agent Today: “The knock-on effect in some cases can mean a few days as removals companies and other plans have to all change to marry up for all parties. This can be tricky at times and rather stressful for all.”

Gibbens said his company has minimused any major changes by offering an earlier completion, adding: “We do have a clause often within the contracts suggesting ‘on or before x date’, which then gives the flexibility to complete earlier if need be. 

“This has helped in some instances. We have also given some grace to people given the situation and understand that people want to pay their respects to her Majesty Queen Elizabeth II.”