A recent article by Martin Parrin reveals that over a quarter of all house sales last year in England and Wales fell through.
Reasons for such sales falling through includes buyers and sellers changing their minds, gazumping (when someone puts in a higher offer), buyers unable to obtain a mortgage, and buyers pulling out due to issues with a survey.
In current economic and political conditions you can understand why house sales can fall through, and the statistics also highlight the importance of obtaining a survey. We always recommend to buyers that they obtain a survey. There are different levels of report from a basic valuation (which is not a survey), home buyers report to a full building and structural survey. A qualified surveyor is best placed to advise a buyer on which survey should be obtained, however, we cannot stress enough how important they are, and how a survey can reveal issues and potential problems with a property which buyers may never have been aware of from their own inspection. A survey will disclose important information as to the condition of the property and give guidance on possible costs of repair and remedial works.
Hopefully 2020 sees the housing market flourish, and early reports are confirming a surge in transactions, mortgage approvals as well as increasing house prices. Our qualified lawyers at Oglethorpe Sturton and Gillibrand are always here to provide buyers and sellers with expert guidance and advice to guide them through their conveyancing.