THE MAIN PITFALLS OF BUYING & SELLING

Approximately 28% of sales fall through after offer stage mainly as a result of the problems highlighted below.

When trying to buy or sell:

• Lender's mortgage valuation is less than the offer price
• Problems with the buyer's financial status
• Delays in receiving mortgage offers, valuation and conditions set by mortgage lender
• Need for further surveys incurring more expenditure
• Problems with the solicitor/conveyancer getting title deeds, searches or land registry issues
• Problems with building insurance certificates not being made available to the lender issues
• Buyers not having funds ready in time to exchange contracts
• Buyer or seller changing their mind and pulling out of the process

Once contracts have been exchanged:

• Trying to find a completion date agreeable to all concerned
• Handing over the keys (usually due to waiting for the money to hit the bank)

How can you avoid them?
There are lots of ways to avoid the problems highlighted above:

• Get a mortgage certificate or an 'agreement in principle' to prove you can afford the property you are buying.
• See our Tips about Mortgages or contact us to arrange an appointment with our financial advisor
• Choose the property carefully. See our Tips on Making an Offer
• Choose carefully who you buy from and who you sell to.
• Get a Homebuyer and Valuation Survey or a Building Survey - check the condition of the property you are about to buy. See our Guide to Conveyancing Stages
• Where possible, go for no sale, no fee conveyancing.
• Ensure that you are in the shortest chain possible.
• Try to avoid moving home at the end of the week, go for a Monday or Tuesday instead.
  See our Tips on Removals

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