Today Jonathan Rolande, founder of the NAPB, shares his expertise and answers the burning question:
What can cause property sale delays and how to solve them?
The fall-through rate is very low when HouseBuyFast agrees to buy a property. That’s because we have encountered most of the issues that can derail a property sale, and we know how to overcome them. When selling through a traditional estate agent to a ‘standard buyer’ such as a first-time purchaser or downsizer, many issues can crop up, causing as many as 35% of such sales to fail.
Here is my list of the main reasons and, where possible, what can be done to get things back on track.
· Damp
Many homes have it but that doesn’t stop it from causing fall-throughs. Get a professional to tell you if it is rising/penetrating damp (caused by the construction) or condensation (caused by the occupier). At worst around £2000 will go a long way to resolving it.
· Japanese Knotweed
An invasive and much-feared plant. Removal takes years and will cost up to £5000. Discovery will almost certainly make most buyers run to the hills.
· Mining History
Much of our housing stock was built over or near mines. This can lead to subsidence. A thorough mine report (available via solicitors) will clarify and a structural engineer can make further checks if required.
· Downvaluation
The mortgage lender thinks the price agreed is too high and won’t lend enough to keep the deal together. Normally requires renegotiation of the sale price.
· Issue on Title or Searches
Ask the seller for clarity and if need be, the solicitor can apply for insurance to cover any valid but unlikely issues down the line.
· Gazumping/Gazundering
Many buyers and sellers do this and legally, nothing can be done about it.
Selling to a Member of The NAPB means many of the issues simply won’t occur – they are cash buyers so won’t have any mortgage issues.
All members agree to abide by a Code of Practice that prevents many of the issues that normally happen with ‘standard sales’ making the transaction almost completely secure.
Jonathan Rolande is the Founder of HouseBuyFast and The National Association of Property Buyers and is a well-known property commentator.
If you would like to learn more about House Buy Fast click the link below.
Meet the Buyer: House Buy Fast
