For thousands of people, buying a new home is one of the most exhilarating times of their lives. It symbolises the beginning of a new adventure and should be an enjoyable and exciting time. However, it is easy to underestimate the enormity of the process and the work that goes into it. Several property transactions fall through every single day. In 2020, over 300,000 purchases fell through across the United Kingdom. But there are things you can do to strengthen your position. In this blog, we have put together some top tips to protect yourself from a sale falling through!
What can cause a transaction to fall through?
If you are looking to embark on your next property venture, being aware of the signs that can cause your transaction to fall through is essential. Although chains collapse for many different reasons, some are more common than others. These include:
- Withdrawn mortgage offers: A mortgage offer in principle is exactly that and the finances are not guaranteed. Lenders can withdraw offers at their discretion due to any changes of circumstance.
- Gazumping: This is where a seller agrees to a higher offer from a different buyer whose offer they originally accepted. This is a very difficult situation to be in as the original buyer can no longer purchase the property.
- Surveys: Property surveys are designed to help buyers learn as much about the property as possible before they purchase it. The results can lead buyers to pull out if anything unusual comes to light.
Find out our top tips to protect yourself from a sale falling through
The thought of your purchase falling through can be troubling but there are steps you can take to help. Doing your parts quickly and accurately along with selecting the right representation, will give you a better footing. Getting to know your vendors can help you find out more about the property, as well as make them more accommodating of setbacks. Instructing a conveyancer early and obtaining your mortgage in principle can help you get prepared. There are insurances available, such as home buyer’s protection, to protect your finances if the seller pulls out.
Are you worried your transaction could fall through?
Many home-movers are nervous that their transaction may fall through. It is daunting but putting the right measures in place can make you more confident. Strong communication acts as an antidote to setbacks and can help reassure your chain.
Now it is time to start the process!
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