A recent piece of research conducted by Quick Move Now has shown that the rate at which house sales in the UK are falling through has increased steadily since March 2013. According to this research, they put the main reason down to tougher mortgage rules preventing purchasers borrowing as much as they anticipated which then forces them to pull out of sales when they realise they are unable to borrow the necessary amount. There are additionally a whole host of other reasons that contribute to sales falling through whether this be issues with the vendor or the purchaser.
If you’ve found the right house and have begun the buying process, investing time and importantly money, the last thing you want to consider is the sale falling through. However, with the amount of property sales falling through steadily on the increase, as seen in this research, this is something that needs to be considered from the very beginning when considering who to instruct for the legal property conveyancing.
At PowellsLaw we appreciate that moving house involves costs which can be lost if your purchase falls through, leaving you to start again with a different property. We now include as standard abortive transaction insurance which will allow you to recover the costs and expenses associated with buying a house, such as conveyancing, survey and mortgage arrangement fees up to a maximum of £1500. So, you will have more certainty of the costs even if your purchase unexpectedly fails. For more details on what this insurance includes please click here.
Cover can also be arranged for your seller’s costs by purchasing a separate policy. If you would like to find out more on how PowellsLaw can guide you through the purchasing process please get in touch.