Unexpected costs that you may incur if you decide to buy a different property...
Did you know that statistically, 30% of agreed property sales in the UK fall through? It's a scenario many have experienced or heard of, and the aftermath can be frustrating.
After the upheaval of a lost property or a collapsed chain of sales, restarting the legal process feels like a daunting setback, both in terms of time and money.
Switching to a different property or renegotiating terms means starting from scratch.
From new searches and paperwork to resubmitting identification and address proofs, the process can be arduous. And if you're applying for a new mortgage, brace yourself for additional hurdles. š¼šš
But why the need to reset?
Solicitors and mortgage lenders treat each purchase as a fresh start, necessitating a repeat of paperwork and checks. š
Even if you're eyeing a different property, expect a new survey to ensure financial terms align with the revised purchase details.
Unfortunately, the repercussions extend beyond emotional strain; they hit your pocket too.
š° With costs from mortgage lenders for surveys and new applications, coupled with solicitors' fees, losing a sale becomes a costly affair, often leaving little recourse but to either bear the financial burden or reconsider your moving plans.
Enter sales progression - the indispensable role played by estate agents in navigating the labyrinth of property sales. š
Acting as the linchpin, estate agents possess the unique ability to liaise with all parties involved, crucial for steering a sale towards success.
When selecting an agent, it's not just about securing the deal; it's about how adeptly they manage the intricate sale process.
Do they have a dedicated strategy overseeing every step, or do they simply cross their fingers and hope for the best once the sale is agreed?
If you find yourself grappling with a challenging sale and seeking guidance, our team of property experts is here to help.
Don't lose sleep over uncertainties; get in touch. āļøāØ
