Howto prevent a deal from failing

A housing expert has shared his advice on avoiding a property fallthrough as rising numbers of deals end up collapsing.

Almost one in four sales fall through, according to data from analysts TwentyCi and the proportion of homes that go under offer but don’t complete has been on an upward trajectory throughout the pandemic.

Aside from the upset that a broken property deal can cause, it is also very costly, with a recent survey by the Homeowners Alliance calculating the cost of a failed property transaction at £2,700.

Jonathan Rolande, from House Buy Fast, says there are a number of things buyers and sellers can do to mitigate the impact of a deal that falls through.

He adds: “Buyers can take out fall-through insurance which costs around £100 for £1,250 cover in case the worst happens. But there are other steps you can take which won’t cost a penny.

“First, meet and charm the agents. Show you are a believable and solid buyer. Sort a mortgage in principle and get a solicitor ready before you start looking. “Confirm your offer by email and aim to respond to everything immediately. There are lots of questions you will be asked so don’t be the cause of a delay.

“Be realistic as well. No property is perfect so be prepared to overlook some minor structural or legal defects.

“Finally, try to be flexible on move dates.

“As for sellers, there is insurance you can take out to protect yourself. Also aim to arrange the funding for any onward purchase. Get a solicitor and ask them to get initial paperwork ready. Don’t hide problems like dampness or woodworm, sort them out first. Be flexible and decide early what is included in the sale, carpets, furniture etc. Finally, choose a good estate agent.”