Property transactions may fall through for a variety of reasons, including a buyer changing their mind or finding a different property. You are likely to experience more difficulties in long chains, where all transactions depend on each other. In these cases, sellers may also have a change in circumstances, especially if they are also a buyer. However, there are some crucial things you can do to prevent your property sale from falling through. Although some problems may not be avoided entirely, the steps below will help you reduce the likelihood of them happening. As a result, you can ensure that the property chain stays on track.
Understand The Process
Firstly, it’s crucial to get a better understanding of the home purchase process, as this way you will be in a much stronger position to ensure everything goes according to plan. Keep in mind that the more people there are in a property chain, the more likely it is that a problem or delay will occur. It’s also possible that you can have a chain-free property transaction, where there are no other linked property purchases or sales. Some examples include buying a vacant property, buying a new build or moving to rented accommodation once you have sold your home.
Apply For Bridging Finance
Bridging finance is designed to help you close the funding gap between buying a new property and selling your existing home. As a result, this can be a fast and flexible way to raise money for a house purchase and possibly save a property chain that’s threatening to collapse. If you need help calculating a bridging loan, check out this calculator from Advias, who is a leading property finance advisor. Their team of experienced advisors will help you find the best property financing solution and secure the best terms. They also specialise in premium mortgages, large mortgages, and development finance.
Choose The Right Buyer
As many transactions tend to collapse due to the buyer withdrawing or reducing their offer, some of these issues can be avoided by choosing the right buyer. One of the most important things to consider when you have received many offers is the position of your buyer. You will need to consider if they are happy to proceed with the property transaction immediately. After all, there is no point in having a high offer, if the buyer is unable to complete the purchase. A mortgage application may be rejected for a variety of reasons, such as the buyer having a poor credit history or too much debt.
Find A Good Solicitor
It might be best to start searching for a solicitor as soon as you begin looking at properties, as this will ensure you can move quickly once you have found the property you want to purchase. A reliable solicitor can support you in keeping the conveyancing process on track and proceeding quickly. You may also want to check what previous clients have said about them as a conveyancer. If they have outstanding reviews from previous clients, you are likely in safe hands. Also, choosing a family-recommended solicitor can provide you with a good idea of what to expect.
The property-buying process can be confusing and stressful, so the faster you can get your transaction to go through, the better. Also, the quicker you can get to this point, the less likely it is that a buyer will change their mind. At this stage, it’s crucial to have a conveyancer who communicates with you as the process unfolds. Chasing solicitors for anything that comes with property transactions can only bring unnecessary stress and worries. Similarly, you should ensure that you communicate quickly with your solicitor, returning required paperwork and asking for clarification where it’s needed.
One of the reasons why buying and selling a property is such a stressful experience is because many people fail to prepare effectively. The less work that needs to be done by mortgage intermediaries and conveyancers, the faster they can get to exchanging contracts. At this point, the commitment will become formal and legally-binding. Therefore, you should check that you have all of the necessary paperwork ready, such as planning permissions, guarantees, and deeds. You should also do your sums and make sure you know exactly what your budget is.
Get Your Property Ready
There are many things you can do to ensure that your home sells quickly and at the best possible price. Remember that potential buyers form an opinion of your home within seconds of walking through your door. This means that you should ensure that they feel comfortable at all times and focus on demonstrating what your home has to offer. For example, it’s important to make key areas look as appealing as possible by decluttering and fixing issues, including holes in walls, cracked tiles, broken door knobs, or threadbare carpets. Also, you should maximise kerb appeal by doing simple updates to the exterior of your home.