CORONAVIRUS UPDATE

Social distancing requirements, uncertainty and fear are likely to continue much longer with no foreseeable end to the Covid-19 pandemic. These all have the potential to continue to affect the housing market.

The problems estate agents face include sellers may not want to let strangers into their homes and buyers may not wanting to visit stranger’s homes.

Many service providers such as estate agent chains and mortgage lenders are unable to provide the same customer services in terms of consistent, reliable and convenient accessibility due to social distancing requirements and regulations while others such as solicitors and removal firms who have resumed services will have huge backlogs to deal with before they can take on new clients.

At the beginning of the lockdown, a temporary ban on existing eviction processes proceeding or new ones being being started was introduced in England and Wales. The temporary provision has since been extended until at least the 20th September. Realistically with 6 months notice and 4 months’ backlog, it could be 10 months until the process gets to court from the restart date (after landlords issue a reactivation notice) and 12-14 months before an eviction is likely to take place. While these delays are obviously frustrating and expensive for landlords experiencing non-paying tenants, they also cause problems for landlords who have ideal tenants who find themselves unable (rather than unwilling) to move out because landlords have no option to ask their tenants to solve the problems they are facing.

How Can National Residential Help Homeowners Who Want Or Need To Sell Fast To Raise Money During The Lockdown?

1. Massive database of 30K investors as well as Hong Kong & Chinese cash buyers who purchase properties without the need for viewings and who will also keep tenants thus avoiding the need for lengthy and costly evictions or landlords having to wait for cooperative tenants to be able to move out.
2. We help buyers to access independent service providers through our Property Buyers’ Club that they need to make an offer and complete the deal as soon as buyers are ready and able to move. The service providers we use are among the best in the business and (as were we) fast to adapt to the restrictions so we have been providing a continuous service and do not have backlogs to contend with.
3. All our properties sold with video tours maximising the prices achieved through exceptional marketing and at the same time minimising the need for viewings.
4. Sellers and tenants can email us their own photographs and videos and our specialist editing team create a professional listing minimising the need for any visitors to your home.
5. We also pay tenants to send us photos and videos and subsequently to carry out viewings where necessary to speed up marketing and sales. This keeps tenants happy and engaged in the sales process to assist us in the sale.
6. Our 28 day auctions are online so the lockdown restrictions do not stop buyers bidding. We list quickly and sell your property for the best price quickly.
7. Or our company can buy your property direct and agree a sale in 7-14 days if you want a really quick sale.
8. Sellers can choose to list their properties without viewings. This works where tenants and owners are shielding or where there are local lockdowns.
9. We have established a network of experts including solicitors and mortgage brokers who are all fully working during the Covid-19 pandemic and provide the quickest and highest quality service. This ensures the fastest completion possible.
10. We can agree a sale during lockdown and provide an immediate cash advance when the buyer secures the sale which allows owners to pay bills, such as house removals, debts and mortgage payments. This cash advance is interest free and will be repaid when the sale completes.
11. Sellers can specify what lockdown conditions need to be lifted before the sale can complete (and they must move out).