Conveyancing and moving home is without doubt one of the most stressful situations in life. It ranks right up there with divorce and death.
It doesn’t help when 37% of buyers never make it to completion, even after they instruct solicitors. So much money spent on searches, surveys, legal fees as well as time invested by them in the dream home, not to mention the estate agents time. So, what are the top 7 reasons why purchases fall through?
7 Simple steps to avoid buyers pulling out
- 1. Use a fast solicitor. Conveyancing is renowned to be slow, but there are fast solicitors out there. The slower you go the more likely the chain will change their minds.
- 2. Use a specialist solicitor. Would you trust a heart surgeon who also did tree surgery? No, so don’t take a risk on instructing a non-specialist conveyancer. A specialist will know how to solve complex issues faster.
- 3. A breakdown in communication causing a rift in the relationship between parties. So keep channels open between you, your solicitor and your estate agent. Ensure you find a solicitor who will talk to you.
- 4. Not carefully when you inspect the property. For example, Japanese knotweed is a major cause of late pulling out. so get a survey in early and get a chance to resolve it at offer stage.
- 5. The property may have a short term lease. So check early that you seller will agree to extend it and the price they will charge. The seller may not want to extend it. This causes problems for any buyer that requires a mortgage as lenders are less inclined to lend.
- 6. No parking space. So check this out early with your estate agent and conveyancer before it becomes a deal breaker.
- 7. Lack of planning permission or building regulations for any alterations and extensions, which could limit the buyers’ hopes for the property. Again get in contact with your solicitor and agent early and ask them to check.
You may want to speak to your estate agent and your conveyancer as early as possible to discuss these risks any others relevant to your area.
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