Process now in place
Home movers caught up in registration delays
Home transactions delayed (pic: Terry Murden)
Anxious home buyers and sellers have been caught up by delays in registering transactions because of the coronavirus.
Many took to social media to express frustration that they could not complete deals.
Registers of Scotland urged solicitors and home movers to consider postponing any non-urgent transactions during the ongoing health emergency.
However, some said they were due to move this week and it was too late to postpone.
Homes for Scotland, the housing lobby group, was drawn into the saga as attempts were made to find a solution.
Following talks with UK Finance and the Law Society of Scotland, Registers of Scotland says a process is now in place that enables transactions to settle where an advanced notice is in place.
Solicitors should view the LSS guidance and the list of lenders who have agreed to the proposals.
Registers of Scotland says most major lenders have already agreed and solicitors are advised to check the list which will be updated as new lenders come on board.
“If these new measures do not apply to your transaction and if you are in exceptional circumstances that mean you must settle today – “then and only then”, should you contact RoS customer service advisors for additional support.”
However, one mover said that the “process” is unsatisfactory.
“My lawyer’s interpretation is that it means no one can buy or sell a property for the foreseeable future,” he said.
Daily Business was awaiting a further response from Registers for Scotland.