"Consumer organisation Which? have reported that almost three in 10 buyers have seen their house purchase fall through after making an offer - typically leaving them almost £3,000 out of pocket as a result.
A survey by Which? Mortgage Advisers of 2,000 homebuyers - each of which bought their home in the previous two years - found that among that group it takes over four months on average, from starting a property search to having an offer accepted.
Within the sample 28% of purchases fell through after that point.
The main reasons for a property purchase falling through were the seller decided not to sell their home after all (accounting for 27% of fall-throughs), the buyer pulling out as their own property sale had fallen through (21%), the buyer finding somewhere else to buy (21%), or being gazumped (again 21%).
Of those who had lost money and knew how much they were out of pocket, the average loss was £2,899.
This included conveyancing, survey, mortgage valuation or brokerage fees; these could not be recovered after the fall-through." - NAEA News
Moving Made Cheaper have only had 1 of 21 sales fall through this month, which was due to the downward chain collapsing. This only equates to 4.8% of sales - far fewer than the national average. We work hard to overcome any obstacles which may crop up during a sale and work closely with a number of professionals and trades people to keep sales going and customers happy.
Our mortgage adviser also offers BUYER'S PROTECTION as an additional product to all their mortgages. For just £1, it covers up to £1850 of your potential costs, should the purchase fall through.
If you would like to know more, please do not hesitate to call or email us - we look forward to speaking with you :)
38 Frederick Street, Loughborough, Leicestershire, LE11 3BJ | 01509 268208 | firstname.lastname@example.org
© 2017 Moving Made Cheaper. All rights reserved. Powered by Homeflow