There is little more frustrating that a house purchase falling through. As well as the time that is wasted you can also be left hundreds of pounds out of pocket thanks to legal and valuation fees.
However, new figures from a leading property lawyer show that the number of aborted property transactions in the UK has fallen by 8 per cent in the last year. There are ways that you can help avoid your house purchase falling through, and we explain them here.
Get your mortgage agreed first
The survey found that over one in ten house purchases fell through due to issues with the buyer finding a suitable mortgage. So, if you’re planning to buy, it’s worth speaking to a mortgage broker or mortgage lender before you start searching for a property to make sure you can get the mortgage you need.
Many lenders will undertake an ‘agreement in principle’ to let you know that the mortgage you need will be agreed.
Be sure about buying
Buying a house is likely to be your biggest commitment. So, make sure that you are certain about buying before going though with a purchase.
Just under 4 per cent of house purchases fell through thanks to issues with the buyer’s employment, so make sure you’re in a stable position before you commit.
Exchange contracts as soon as possible
The most common reason that house purchases in the UK fall though is that the seller pulls out of the transaction, with one in four house purchases aborted for this reason. So, if you’re buying, it’s vital that you keep the process moving swiftly and exchange contracts as soon as possible.
Mark Montgomery, commercial director of 1st Property Lawyers, said: “While it is difficult to control every aspect of your sale or purchase, one thing that buyers and sellers can do is appoint a proactive conveyancer who is able to ensure the transaction goes through quickly and smoothly, leaving little room for people pulling out or getting cold feet.”