Property Matters: Lockdown Lowdown

Buying and selling houses is probably the furthest thing from people’s minds as we head into our second month of day-to-day life that we could never have imagined a few months ago.

However, I have been surprised at the number of people who are still contacting us enquiring about properties for sale and requesting they be added to a list to view properties when restrictions ease. Many of these buyers are already committed to moving, whether it be for work, relocation, upsizing, downsizing or simply because they have sold their property and need to find a new home. Similarly, there is an ongoing demand from sellers who are still planning to move this year and are keen to gather as much information and advice as possible to best prepare for when the housing market is allowed to start moving again.

Our sales team are currently working from home and are providing a comprehensive remote valuation service to prospective sellers. We are also working with sellers who are currently on the market with an agent and are keen to review their current sales campaign and get a fresh proposal on alternative ways to sell their property. These services include a telephone or video consultation and comprehensive comparable and valuation report as well as advice regarding procedures, presentation etc. This a free, no obligation service and would be followed up with a visit to your property when conditions allow.

The private rental sector has been very much in the spotlight over the past few weeks with many Tenants and Landlords being affected financially due to the current crisis.

At Turpie & Co, we manage a large portfolio of rental properties for our Landlord clients and our Letting Team are working hard providing advice on the rapidly changing information and legislation that we receive on a daily basis from our regulatory and trade bodies as well as The Scottish Government. The feedback so far is that this information and advice has been very useful, particularly for guidance on how and where to apply for financial assistance put in place to assist with rent payments, Mortgage payments, personal benefits and business loans.

Health is obviously the biggest concern for everyone at the moment however money and financial health are also worrying during this time of uncertainty. It’s impossible to predict what the economy will look like 6 months from now but assessing and re-evaluating personal finances is something that most people are actively undertaking. Many banks and mortgage lenders are offering payment breaks which is a welcome initiative however these are not generally payment holidays and all payments (and interest) will be added onto the balance due and be payable within the existing term of your loan. With interest rates being so low at the moment, it might be timely, and beneficial, to review your current mortgage as many lenders are offering products with very attractive interest rates at the moment. Mortgage Advice Bureau, who share our offices in Bathgate, are also conducting remote appointments and will provide information and advice on your current mortgage as well as rates and costs for re-mortgaging or any other mortgage related query.

Our offices may be closed but we are very much open for business and we are keen to help anyone with any property sales, letting or mortgage advice. We are available during normal office hours at the contact information below:-

The monthly Property Matters column is contributed by Craig Turpie. Craig is a director at Turpie & Co Estate Agents and Letting Agents with extensive knowledge of the West Lothian Property Market and over 20 years experience in bespoke sales and marketing.