Moving into a new home is one of the most exciting times of our lives. When an offer is accepted, the purchasing process begins so it might be easy to think the hard part is over. But have you stopped to think about what happens if the sale falls through? Thousands of chains collapse every year, with over 300,000 purchases falling through in 2020 alone. A situation like this can be devastating, and it is a situation that many prospective homebuyers find themselves in. Although it is a disconcerting thought, there are steps you can take to put yourself in the strongest possible position.
Why do sales fall through?
Property chains break and transactions fall through for several different reasons. Not all sales and purchases go exactly to plan so awareness of these factors can help you prepare. Some of the more common reasons that cause sales to fall through are:
- Property surveys: Surveys are there to help buyers learn more about the property they are buying before they commit to it. If the results of the survey raise anything concerning, the buyer can pull out.
- Being gazumped: This takes place after a seller agrees to an offer from a buyer, but subsequently accepts a higher offer from another. This prevents the original buyer from going ahead with the property.
- Mortgage offers: When buyers receive a mortgage agreement in principle, they often think the finances are guaranteed. However, lenders can withdraw their offers for multiple reasons, preventing buyers from progressing.
How can you protect yourself?
The above may be worrying, but there are measures you can put in place to help protect yourself. By choosing the right representation and completing your parts quickly, can keep your chain on track. Instructing the right conveyancer early as well as obtaining your mortgage in principle also help. Something you might not consider is building a relationship with your vendor. Not only will this give you valuable insight into the property you are buying, but also make them more accommodating of delays. There is also home buyer’s protection insurance, which can protect your finances if the transaction falls through, through no fault of your own.
Are you worried about what happens if the sale falls through?
Property transactions are not to be underestimated and nerves are expected. But they are also an exciting opportunity to begin your next chapter. You can follow the steps above to establish a good foundation for your transaction. Not only will this aid your transaction, but it will also give you confidence on your journey.
How can Conveyancing Lawyers For You help?
Conveyancing Lawyers For You is here to help you. We deliver an exemplary online conveyancing and survey solution for your property transaction. To benefit from the savings before the current stamp duty land tax holiday, you must instruct a conveyancer as soon as possible. Contact us today to find out more about how we can help you!
