GUEST POST| New figures suggest that one in three property sales will fall through before completion. That’s a scarily high figure for anyone in the process of buying a property, or hoping to do so in the near future. Danny Luke from Quick Move Now explains: “The UK property market is under a lot of pressure at the moment. The stamp duty measures put in place to stop the market stalling during the national lockdowns led to a stampede of people looking to move. This resulted in property prices rising at unexpected levels.
“A shortage of properties coming to the market has kept prices high and continuing to rise, with properties often selling at above asking price. There is also high competition for each property that becomes available. Some buyers are offering sky-high prices in an attempt to secure a property but then getting cold feet and pulling out of the sale, whilst others are not offering enough and then getting pushed out when a higher offer comes in. It’s a challenging market for all involved.” If you’re keen to keep your sale on track, these are our 5 top tips to stop your house sale falling through...
1. Make sure the offer you make is a ‘head’ decision, rather than a ‘heart’ decision. You want to ensure you offer a high enough price to avoid being gazumped by another buyer, but you also need to be happy with the price you’ve agreed when the initial buzz of having your offer accepted wears off. It’s important that you discuss any offer you want to make with the estate agent, and ask them what level of offer would take the property off the market and prevent any further viewings.
2. Make sure you choose the right solicitor (and estate agent if you’re selling a property). This will make a huge difference to the speed and success of your move. A good solicitor will be very responsive to any queries that come in and make sure all paperwork is completed in a timely manner. A good estate agent will keep everyone informed about how the sale is going and ensure everyone stays engaged in the process. Spotting any warning signs that someone may be considering pulling out of the sale and hopefully being able to address any issues to keep them on-board.
3. Prepare as best you can before putting your property on the market or making an offer. This will make a big difference to your move, avoiding any delays and helping the transaction to go smoothly. This means getting your finances in place, including getting an agreement in principle for any mortgage required, and ensuring you collate any paperwork relating to your current property.
4. Be flexible and keep lines of communication open. Moving house is a collaborative process which requires flexibility from all parties. When frustrations arise, it’s important that you are proactive in seeking solutions. Keep all parties informed of any challenges or set-backs, and you will be more likely to keep them on board with the sale.
5. Be resilient. Unfortunately, challenges and disappointments are often part of the house moving process. In England and Wales, a property sale or purchase is not binding until contracts have been exchanged, which typically happens just a week or two before the sale completes. That leaves a large amount of room for things to go wrong. When something does go wrong and a sale falls through, or a chain breaks down, it is hugely disappointing, but it doesn’t necessarily mean that your move won’t happen at all. Communication will be key in this situation. Appeal to your buyer or seller’s understanding and get another sale or purchase lined up as quickly as you can.
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