One of the most stressful things that can happen when you are buying or selling a property is for the entire transaction to fall through. It can be for any number of reasons, many of which are often out of your control, putting you back to square one to search for property all over again. However, there are some things you can do to help you avoid this happening, which we go into more detail here.
Why do property transactions fall through?
A property transaction can fall through for a wide range of reasons, such as a:
- Collapsing chain
Someone in the buying chain may have a change of heart or are unable to complete the purchase of their next property, which has a knock-on effect to everyone lese involved.
- Property survey
If a survey identifies potential problems that the seller and agent are unaware of, the transaction could fall through if no solutions are found.
- Lack of finances
A buyer may have been given the green light for a mortgage, but a change in their personal circumstances could mean they are no longer able to afford the property.
- Gazumping
This can be one of the most frustrating reasons, as it means the seller has accepted a new, higher offer after first accepting yours, forcing you to raise your bid or walk away.
What can be done to reduce the risk of a property transaction falling through?
To reduce the risk of a property transaction falling through, you should be on the lookout for the following:
Choose a reliable Estate Agent
The estate agent you use can prove critical when it comes to avoiding the transaction from falling through. At Squires we have a proven history of selling properties while helping buyers to keep their prospective purchase on track. Our experienced team deals with any issue as it arises to provide workable solutions, ensuring everything remains on schedule and workable for both parties.
Communication is key
Strong communication is critical when it comes to buying and selling a house, even if there is not much to report. It is a huge transaction involving a lot of money and it causes a lot of stress for both buyers and sellers.
Apply for a mortgage in advance
It’s always a good idea to get a ‘mortgage in principle’ from a lender before you start viewing properties. It demonstrates to both the agent and seller that you are a serious buyer, and it can help get you close to the front of the queue in terms of bidding. Alternatively, if you can prove you have enough funds to buy, this can prove to be just as useful.
Hire a reliable conveyancing solicitor firm
Using a reliable and experienced conveyancing solicitor is just as important as the agent you work with. If they are competent and professional the firm will ensure the searches and contract is dealt with efficiently so there are no unnecessary delays in the process. If there are any issues that need to be resolved, a good conveyancing company will help to find a workable solution.