One of the biggest concerns we hear from people looking to purchase a home is the fear that the sale will fall through, and they will potentially be left in a worse-off position than they were when they originally started the process.
While some factors are beyond your control, there are several strategies that can be used to minimise the chance of a failed transaction.
Why do some home purchases collapse?
One of the most common reasons property purchases fall through is the collapse of a property chain. Even one person pulling out can cause the entire chain to unravel.
For this reason, many buyers and sellers prefer to deal with those who are chain-free to reduce the risk.
When house hunting, you will typically be informed about any property chain either by the estate agent or through the property listing on the website where you found the home.
Other common reasons a home purchase does not complete include:
Naturally, when a sale collapses, it can be incredibly frustrating and emotionally draining, especially given the potential financial loss and wasted time, so you will want to do everything in your power to prevent this from happening.
How can you avoid a home purchase falling through?
Before you begin house hunting, it is a good idea to get a mortgage pre-approval. This not only gives you a clear idea of what you can afford but also shows sellers you are serious about buying, not just browsing.
When you find the right property, never rush in without doing your homework. Make sure you check the title, run local searches to spot any potential problems, like flood risks or high crime rates, and get a property survey done to catch any hidden issues.
If there is a property chain involved and you are happy to go through with the transaction, stay in regular contact with your solicitor. They will keep you updated on the progress and any potential holdups along the way.
Delays can happen, whether due to legal checks or financing, so while it is important to work towards deadlines, staying flexible can help you avoid unnecessary stress and keep things on track.
If you are worried the seller might change their mind, consider pushing to exchange contracts earlier, with completion to follow. Once the contracts are exchanged, the seller is legally committed to the sale, making any last-minute change of heart highly unlikely.
Seek advice from trusted professionals
We recommend working with trusted property solicitors to help guide you through the legal side of buying your home. With the right advice and a few simple precautions, you can greatly reduce the chances of anything going wrong with your purchase.
Our Residential Property solicitors are here to support you every step of the way, from verifying the seller’s legal rights to ensuring your property is properly registered with the Land Registry.
If you are thinking about buying a home, get in touch with our team and we will be happy to explain how we can support you.
