Home sales hiatuspublished at 16:01 Greenwich Mean Time 27 March 2020
Douglas Fraser
Scotland business & economy editor
Mortgage lenders and the Law Society of Scotland have agreed to temporary measures which should unblock the transfer of home ownership which had been close to completion.
Many such transactions - which were planned weeks or months ago - were put on hold this week, after Registers of Scotland, a government agency, suddenly closed the official register for new documents to be entered, citing health risks to its staff.
A technical legal fix has been agreed, and most major lenders are willing to accept it - meaning they should now release mortgage funds.
However, it’s expected that few new home sales can be agreed during the health crisis and lockdown.