Purchasing a property can be a nerve-wracking experience, and it's one that many people encounter in their lives. But what happens if, after all the work and excitement, a sale falls through during the conveyancing process? While it might feel like a setback, SAM Conveyancing are here to help you understand what happens next.
The reason behind the sale falling through
A sale falling through during conveyancing can happen for a number of reasons, and not all of them are within your control.
The process involves a series of checks, searches, and agreements that both parties must meet before the deal is finalised. Common reasons a sale may fall through include issues with the property’s legal title, unexpected findings in the survey, or problems with the buyer’s or seller’s finances.
Sometimes, a buyer or seller simply changes their mind, or a last-minute issue with the chain (if you're buying or selling within a chain) can cause delays or cancellations. But what does this mean for you as the buyer or seller?
The impact on you as the buyer
If you’re the buyer and the sale falls through, it can feel like a blow to your hopes of owning the property.
Your conveyancer will usually advise you on the next steps, which might include reviewing other available properties or negotiating a deal for another home.
While losing a sale is frustrating, it's important to remember that deposits and fees, unless specified otherwise, are usually non-refundable.
What happens to your deposit?
In most cases, if the sale fails and it’s the buyer’s fault, they may forfeit any deposit paid. However, if the sale falls through because of the seller’s issues (for example, if they decide not to sell or the property is found to have serious problems), you may be entitled to your deposit back.
Conveyancing solicitors will work to ensure that the terms of the agreement are followed and that your interests are protected, even if things don't go as planned.
The role of the seller
For the seller, a sale falling through can delay plans and cause potential financial issues. Often, a property sale is contingent on finding another home or moving quickly to secure funds for other investments.
When a sale doesn’t proceed, it’s important to act swiftly and possibly relist the property on the market. A conveyancer will ensure that the legal aspects of the property sale are revisited, protecting the seller’s position as much as possible.
How to avoid issues during conveyancing
To prevent your sale from falling through, clear communication between all parties is essential. Whether you’re buying or selling, hiring a qualified and experienced conveyancer can make all the difference.
A good conveyancer will thoroughly investigate all aspects of the property, ensure that any problems are dealt with early on, and guide you through the process smoothly.
Moving on and making the next move
If your sale has fallen through, take a breath. Property transactions can be unpredictable, but with the right support, you’ll be well-placed to tackle the next opportunity that comes your way.
Consider revisiting your goals, doing additional research, and working with your conveyancer to ensure your next move is a successful one.
Comments