Purchasing a property can be incredibly frustrating and sometimes there are factors that are completely out of your control. With so many spinning plates, buying a property requires a lot of patience and expectation management!
Unfortunately, you’ll probably experience a house purchase fall through, so here at Home EA, we’ve put together a few tips to help speed up the home-buying process and influence the factors that are actually within your sphere of influence.
Why does a Purchase fall-through?
A Which? Mortgage Advisers survey found that 28% of homebuyers will go through a property purchase fall-through after their offer has been accepted. There are so many reasons why this can happen, as there are lots of intricate elements that make up a property purchase.
One of the biggest reasons is the chain breaking down and this can be because a third party has made a new offer, your buyer has cold feet, the owners you’re buying from could change their mind – there are so many things that can go wrong!
Therefore, the faster you can make the home-buyer process, the less time there is for something to fall apart.
So what can you do?
Hire a good Solicitor
Having an experienced solicitor that can think on their feet, offer you the best advice and chase up other parties is essential. A bad solicitor on your side or another side can drag out the process for much longer than it needs to be. Setting clear deadlines and limiting time between exchange and completion dates can help to get things moving and a good solicitor will work hard to do this.
Instruct your solicitor, be clear and set expectations and they should cooperate in terms of paperwork, deadlines and legwork.
It’s really important that there’s a good, positive communication channel between solicitors, estate agents, buying agents, buyers and sellers. When there’s a lack of information, don’t wait around, contact the people that you need to or can help you and try to move things along. When you first look for estate agents and solicitors etc, go for people that will go that extra mile and have great communication skills.
Keeping everyone on the same page and making sure everything runs smoothly can minimise the chances of a sale fall-through. Try to organise updates for everyone involved on at least a weekly basis.
Be prepared for things to go wrong when purchasing a property. By not pinning all of your hopes and dreams on the property you’re going for, you’ll protect yourself in the long term if there is a fall-through.
Remain flexible and look at alternatives. You could look to sell your property first and then move into rented accommodation or family while you wait to purchase a property – this might make it less stressful and easier because of the smaller property chain.
Buying a property is one of the biggest and most stressful things that you’ll do in your lifetime, but going into it confidently, with good people around you and positive communication, you can limit disruption.
For more advice, contact our experienced team at Home EA today.