Completion Updates: 19th September Bank Holiday

As everyone is aware of the recent news, Queen Elizabeth II has sadly passed away, and we are now only a few days away from the national broadcast of Her Majesty’s funeral on Monday 19^th September.

This means there is now a sudden national bank holiday that has been approved, and we know that this unforeseen situation may potentially affect your completion or move-in date.

We will be closed, and we are aware that there will be a wave of closures across the country:

“Now a nationwide bank holiday has been granted, schools and offices will be closed, and most shops, banks and post offices will be too, while property completion scheduled for that day will have to be moved to a different date”

“Rob Hailstone, CEO, Bold Legal Group (BLG): As far as my memory can recollect, we have not had a sudden ‘bank holiday’ descend upon us at least at such short notice, if in fact ever. A bank holiday means banking institutions typically close for business on such holidays, as they once used to do on certain Saint’s days. That, in the home buying and selling world of course means that no completions can take place (cash is no longer an option!). That presents a problem, because exchanges will have already taken place for completions set on the 19th of September...”

“…Banks will be closed as will most, if not all law firms and estate agents etc. Completions due to take place on the 19th will have to be moved. Ideally everyone involved will understand that the situation that has arisen could not be foreseen and will react in cooperative and flexible way. Thankfully, I imagine that a Monday, three weeks into September will not be one of the busiest moving days of the year. However, there will be completions and some of those will be in chains, agreeing a new moving date, that suits all parties, could be very complicated in some cases.”

Source: Property Industry Eye

We are all in this very unfamiliar situation together, but one thing is for certain… if ever there was a time for agents, conveyancers and the public to work together, that time is now.

If you feel this will affect you and you need more information, we advise as always that you seek advice from your conveyancer.