Nick Garrett
nick@huttonsandpartners.com
Not every property sale is easy. The UK average fall through rate is 30%. That means, 3 out of 10 properties agreed between buyer and seller don’t make it through to completion. That’s a shockingly high number!
We’ve been working with our seller and the buyer for five months on a particularly tricky sale in East London. There were many difficulties along the way (financial, legal, an unpredictable market, heartfelt emotion on both sides…) It’s been a lot of hard work and dedication all round. Thankfully, our seller has now achieved a great sale, and the buyer has completed on her dream home!
Did you Know?
Approximately two thirds of ‘fall-throughs’ are preventable. Many can be avoided simply by speeding up the process and having the right people by your side throughout.
Two areas are the main causes of bottlenecks in the buying and selling process: estate agents & solicitors. Choosing wisely can make all the difference.
Choosing a reputable estate agency with a dedicated sales progressor is one of the key things you can do as a seller to ensure that your transaction is moved along swiftly, thus lowering the chances of circumstances changing and feet getting cold.
Similarly, great solicitors appreciate the need for a fast transaction and do all that they can to push the deal through as quickly as possible.
Be warned!
1. Many agents will over promise, under deliver. Fee is not everything! An ability & commitment to you and the sale of your home is the most important
2. Some estate agents will receive a commission from solicitors for a referral, whether they are fit for purpose or not, so be sure to do your own homework before you commit
You - as buyer or seller - can also play your part. If you feel as though things should be moving faster than they are, be proactive. Pick up the phone to your agent or solicitor and ask for an update. Both should be happy to give you an answer and provide you with updates.
How to avoid fall throughs:
Buyers:
- Get financially qualified from the beginning – who’s your trusted mortgage advisor?
- Ensure you have a capable solicitor – are the lowest fees truly valuable if it means months of stress, delays, and likely fall through?
Sellers:
- Choose your estate agent wisely – how are the Google Reviews? Are they communicative & available? Are they happy to put you in touch with recent clients? What’s their market knowledge? (macro & micro) Are they truly EXCITED to help you sell your home??
- Accept the best, most proceedable, buyer
- Choose a capable solicitor
Nick Garrett
nick@huttonsandpartners.com