MT Finance, the bridging finance specialist, has warned of hesitation in the industry, due to the new strain of Covid-19 which has recently been discovered in the UK. Valuers and solicitors have become more wary of in-person meetings such as property valuations and client appointments.
Gareth Lewis, the Commercial Director at MT Finance, has noted that firms are becoming increasingly worried about current working practices, in light of the new strain of Covid-19 and rising numbers of new cases in the UK.
With the end of the stamp duty holiday looming in March 2021, any alterations to working practices could signal delays in process, at a time when many buyers are rushing to complete.
Speaking to Specialist Lending Solutions regarding the November HMRC property transaction figures, Lewis revealed that MT Finance has seen a change in working practices already.
MT Finance commercial director Gareth Lewis, said: “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.”
“A few surveyors have postponed inspections and one solicitor refused to hold a face-to-face meeting with our client, resorting to Skype instead,”
“’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.”
Original article featured here…
This news comes after the latest Bridging Trends data from MT Finance showed bridging loan volumes rebounded by 46% in Q3 of 2020, as the market recovered from the first lockdown restrictions.