Whether you’re putting your house on the market or looking to buy your next property, the UK property market can be unpredictable. Delays, financing issues, and legal complications are just a few of the reasons a house sale might fall through.
By being aware of the common reasons property sales fail and knowing how to protect yourself from the outset, you can reduce stress, save time, and improve your chances of a successful home move. From choosing a reliable estate agent to securing a mortgage in principle and instructing a proactive conveyancer, there are steps you can take to keep your sale or purchase on track.
If you’re thinking about buying or selling a house, preparation is everything – and understanding the risks can help you make smarter decisions in a competitive housing market.
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Mortgage valuation shortfalls
If a lender values the property below the agreed price, buyers may struggle to secure the full mortgage amount. Buyers can negotiate, appeal the valuation, or seek a different lender, however, the best course of action to avoid this is to set the right asking price at the beginning.
Expired mortgage offers
Mortgage approvals have expiry dates. Buyers should secure financing when they are ready to purchase, and sellers should ensure buyers have a valid mortgage agreement before accepting an offer.
Property chain issues
If another sale in the chain collapses, it can impact all parties. Staying in regular contact with estate agents and solicitors can help keep the process moving.
Survey problems
Structural concerns, damp, or other defects uncovered in a survey can cause buyers to withdraw. Sellers can pre-empt this by arranging a survey before listing. Buyers should research common issues in the area and be prepared to negotiate.
Gazumping risks
If a seller accepts a higher offer after agreeing to a sale, it can be frustrating. Buyers can request that the property be taken off the market, but sellers are not obliged to comply.
Conveyancing delays
Legal processes can take time, and delays can lead to frustration. Staying in close contact with solicitors and estate agents can help prevent unnecessary hold-ups.
Next steps if a sale falls through
- If the seller pulls out: Buyers should find out the reason and explore possible solutions, such as allowing the seller more time to find a new home.
- If the buyer withdraws: Sellers should identify the issue and see if renegotiation is possible. Speak to your agent for advice on this.
Start your journey off right with CJ Hole
If you’re ready to start your journey, our expert estate agents are here to guide you through the process. We can help you find the perfect home to match your new lifestyle and make your move as seamless as possible.
Contact your local CJ Hole branch today to get started.
