THE ROLLERCOASTER of BUYING/SELLING PROPERTY: How much does it COST when things DON'T GO TO PLAN? 🤦
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
The property purchasing process can be a rollercoaster, filled with ups and downs. One minute you are riding high because you've had your first viewings or perhaps negotiating offers; it's all very exciting. But the next minute, you can be in the depths of despair. Problems arise, and you're worried and stressed, maybe even struggling to sleep.
Statistically, 30% of agreed property sales will fall through in the UK - not only is it heart-breaking, it is expensive.
After the turmoil of losing a property, or indeed a chain of property sales collapsing, it can be very frustrating to learn that you must almost start back at the beginning with the legal process, which is time-consuming and costly.
Suppose you have to change to purchase a different property than the one you had initially planned on or have a renegotiation of the property that you are purchasing. You may have to pay for new searches with the solicitor and complete new paperwork. In some cases, you may even have to resubmit your ID and proof of address and apply for a brand new mortgage!
But why do you have to start right back at the beginning if you have to withdraw from a property purchase or if your buyer pulls out?
Fundamentally, solicitors and mortgage lenders will treat a new purchase as an entirely new file. This means you won't be able to use the paperwork they hold on file for your previous property purchase; they will start over again, even if it means working on the same property!
If switching properties, you'll certainly need to pay for new searches and a new mortgage survey. In instances where the purchase changes substantially in agreed purchase price, you'll most likely need a new mortgage valuation too.
Sadly this will mean that there are costs involved, both from the mortgage lender for the survey and the new application and from the solicitors for their paperwork.
So, Losing a sale, or purchase of a property, is more than just heart-breaking; it is expensive.
This is why sales progression - the daily monitoring and seamless co-ordination of the property sale process conducted by our expert team is so important.
We are the linchpin in a property sale as we have access to speak to all parties involved, which makes us integral to the success or failure of a property sale.
Selecting an Estate Agent to sell your home is a significant decision, but consider how they manage those sales once they are agreed upon. Do they have a dedicated team to handle the complex process and keep everyone informed throughout the legal process? Or are they entirely focused on agreeing the sale and then hoping that the solicitors can hold everything together through the legal process?
Dealing with the sale process is complicated and nuanced, and every sale is different, so it really does need an experienced expert eye watching over it at all times.
If you are working your way through a tricky sale process and need some advice, don't have sleepless nights; contact Sam Barker (sam.barker@cavendishproperty.co.uk) for the best advice.
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#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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