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Falling through

Nearly a third of all property transactions collapse according to figures from conveyancing firm 1st Property Lawyers, costing prospective buyers thousands of pounds.

The most common reason for this is the seller changing their mind, with the second most common reason being the buyer pulling out.

Economic uncertainty and fears about jobs and finances could be another reason for aborted transactions, while according to Mark Montgomery, Commercial Director of 1st Property Lawyers, one in ten sales collapse because the buyer is unable to secure a mortgage.

'It is worrying that at a time when transactions are at an all-time low, the number of fall troughs is increasing as nervousness in the market prevails,' he said.

'The risk of the buyer or seller changing their minds or of chains collapsing can be reduced by shortening the amount of time between offer and exchange of contracts. Services which significantly reduce the time of the conveyance can help avoid the heartbreak of a failed sale.'

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