3 in 10 house sales fall through costs on average nearly £3000 to the buyer
New research from Which? Mortgage Advisers has found that 28% of house sales fall through costing the potential buyer £2899 on money spent on on conveyancing, survey, mortgage valuation and brokerage fees. It was also found the average time to complete a sale was 4.5 months.
The two biggest reasons for a sale falling through from the survey of 2000 were where the seller changed their mind (27%) and the buyer was gazumped (21%).
David Blake at Which? Mortgage Advisers said: ‘No one wants to see their dream property slip through their fingers, particularly if it leaves you out of pocket, but there are steps you can take to ensure you are in the best possible position.’
He said that the best way to reduce the risks of a deal falling through was to avoid a lengthy chain.
This means trying to make sure that the person you are buying from is not in a chain, for example if the vendor owns the property as a second home and doesn’t need to find somewhere else to live.
Blake added: ‘It’s worth considering selling your property and moving into short-term rented accommodation or with family or friends. You’ll then be a chain-free cash buyer, which you can use to your advantage when making an offer as you’ll be much more appealing to the vendor.’
‘With the right preparation and research, including getting your finances in order prior to making an offer, you can avoid complicated chains and improve your chances of success’, Blake said.
However, for some people the hassle of having to move twice may outweigh the annoyance of risking a deal falling through. It can also be difficult if your dream property is owned