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What Happens During A House Sale Fall Through & How To Handle It

How Often Does A Sale Fall Through?

Moving house is stressful enough, even without a last-minute setback. So, when your house sale falls through unexpectedly or the property chain breaks, this can leave you unsure of your rights or what your next steps are. 

There can be many reasons for a breakdown in the property chain, from mortgage problems to conveyancing delays, so, why do house sales fall through so frequently and what options do you have if you find yourself in this situation? Read our guide to help you make an informed decision.

One in four house sales fell through in 2019, leaving thousands of potential sellers frustrated and unsure how to proceed. This situation can be an unpleasant experience too, you may have finally found your dream house to buy or maybe you need to relocate for a new job, so a sale slipping through your grasp can be particularly stressful. 

After such a setback it can be difficult to find the motivation to get back in the buying and selling process, which is unsurprising considering that selling a property is one of life’s most stressful experiences.

Why Do House Sales Fall Through?

One of the biggest reasons for a house sale falling through is issues with properties within your chain, for example, someone no longer wanting or being able to carry out a purchase, which then causes knock-on effects that can directly damage the progress of your sale. 

This is frustrating as situations out of your control can impact your sale and can leave you feeling helpless. Other common situations that can result in a collapse of a house sale include:

  • Property survey issues: An issue raised in the property survey has resulted in the buyer of one of the properties in the chain to retract their offer
  • Mortgage: Your buyer may not be able to meet the lending criteria for a mortgage in order to purchase your house
  • Change in circumstance: A buyer pulling out of house sale, due to personal reasons such as illness, loss of a job or a divorce
  • Gazundering: There’s also the danger of gazundering (a buyer offering less money for your property than previously expected at the last minute)
  • Conveyancing delays: Buyers may become frustrated with delays with documents or slow responses from conveyancers.
  • Change of mind: A buyer may simply decide to change their mind for any reason
  • Market conditions: National issues such as Covid-19 can cause the housing market to slow down and some buyers may consider postponing until the market picks up again.

For further information and a quick solution to property selling, contact UK Home Buyers.

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