The UK housing market could be about to be shut down as a result of the coronavirus outbreak.
That could see buyers and sellers stopped in their tracks for the duration of the crisis - whatever stage in the process they are at.
Banks are currently in talks with the Government that could suspend home purchases entirely, the FT reports.
Notes have be sent seeking "urgent clarification" over the future of buying and selling homes at a time it's almost impossible to arrange valuations or viewings - and that's before we get to the problem of actually moving home during a lockdown.
“UK Finance has been seeking urgent clarification from the Government about whether home purchases should continue at the current time, particularly as physical property valuations are no longer possible,” a note seen by the FT reads.
Key questions that need to be resolved include what happens to people who have already exchanged contracts - who could be left paying tens of thousands of pounds if they fail to complete their transaction in time - as well as what happens to outstanding mortgage offers.
Mortgage offers come with six-month limits, meaning people blocked from moving or who see sales fall through and are unable to make new offers, could miss out.
Then there are questions to be resolved over property professionals - from conveyancers to surveyors and estate agents - who will simply be blocked from doing their jobs.
Currently, there's no official bar on moving house, although the advice coming from the Government is to delay the process if you can.
Minister Michael Gove said on Good Morning Britain: "‘There will be specific circumstances where people will still be buying or selling, but if at all possible people should stay in their current home."
But according to the Homeowners Alliance, all sales and purchases that have no yet exchanged should be postponed until restrictions are lifted if at all possible.
"If you are buying a new build speak to the developer. With the current restrictions around leaving the house it would be very risky to commit to a financial transaction at this time when most people including solicitors and removals firms are being advised not to go to their place of work or leave the house," the Homeowners Alliance site reads.
It added that people who have exchanged are now legally committed to completing the transaction, so should speak to their buyer/seller and conveyancer as soon as they can.
