Valuers and solicitors hesitating as new Covid strain takes hold – MT Finance

The specialist lender noted that it was starting to see firms operating in these sectors becoming more hesitant about working practices in the current situation.

MT Finance commercial director Gareth Lewis (pictured) revealed the developments when commenting on the HMRC property transaction figures for November.

“We expect the market to go from strength to strength in the New Year as long as stricter lockdowns don’t preclude people from doing their jobs, such as carrying out valuations,” he said.

“Concerns over the new strain of Covid could prove to be a stumbling block.

“We have already had a couple of valuations pulled at the last minute where surveyors have been able to view a property but chosen not to, as well as solicitors saying they are uncomfortable about meeting clients face-to-face.”

‘Could cause severe delays’

Lewis told Specialist Lending Solutions the firm had seen a number of issues over both legals and surveying, with the goalposts moving slightly.

And he warned while lenders could be flexible, changes in approach could present delays given the current need to meet the 31 March stamp duty holiday deadline.

“A few surveyors have postponed inspections and one solicitor refused to hold a face-to-face meeting with our client, resorting to Skype instead,” he said.

“’The impact could be serious in both these instances if you have an inflexible lender, but we are well placed to work with these challenges to find a resolution with alternative surveyors and flexibility as to who can witness documentation.

“However, these issues can cause severe delays given timescales and pressures to complete,” he added.