What to do if a sale falls through

What to do if a sale falls through

Buying a home is one of the most exciting things a person does in their lifetime. However, it can also be a turbulent and challenging time. Last year, over 300,000 property transactions fell through across the UK alone. Although this might be a daunting prospect, there are steps you can take to prepare for what to do if a sale falls through in your chain.

Why do sales fall through?

Property chains can be delicate, especially ones that contain more links. Transactions can fall through for any number of reasons, even down to a simple change of heart. Some of the more common ones to be wary of include:

  • Getting gazumped: This is the term used to describe a seller agreeing on an offer with a buyer, then accepting a higher offer from another. This prevents the original buyer from moving ahead with the purchase.
  • Property surveys: Surveys are used to help purchasers find out more about the condition of the building they are buying. If the results show anything that concerns the buyer, they can pull out of the transaction.
  • Mortgage offers: Some buyers who have a mortgage offer in principle agreed may not be aware that this is not guaranteed. Lenders can withdraw their offers for several reasons if a formal offer has not yet been agreed upon.

Find out what to do if a sale falls through

Although these may all seem alarming, there are steps you can take to improve your position. Some might even surprise you.

  • Instruct your conveyancer early.
  • Receive your mortgage in principle.
  • Get to know your vendor.
  • Take out relevant insurance, such as home buyer’s protection.

It is perfectly normal to feel intimidated when embarking on a new property venture. The idea of losing the home of your dreams is a daunting prospect. But there are steps you can take to help you feel more confident. Moving home should be an exciting experience overall and putting the right protection in place can help you enjoy it even more!

Get your online conveyancing or survey quote from Move Home Hub now!

Move Home Hub is an exemplary online conveyancing and survey network. Our portal connects you to an expert conveyancer for your transaction. Our in-house customer support team is here to guide and support you throughout your transaction. Start the process by generating your free online conveyancing or survey quote now and discover how online solutions power the conveyancing process!

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