You’ve found a buyer for your home, you’ve had an offer accepted on the property you want to buy – so now it’s just down to the legalities and hopefully you can be moved in within three months, all being well.
But for many people things might not be that simple. Research from independent home buyer Quick Move Now has shown that almost a quarter of house sales fell through before completion in 2019 (24.42 per cent).
Looking specifically at the final quarter of 2019, it rose to 28.21 per cent. Although those figures might sound scary, the annual average is actually the lowest it has been since 2013!
Sales fall through for a variety of reasons. The vast majority which failed to complete in October to December 2019 were down to the buyer changing their mind (36 per cent). A further quarter (27 per cent) failed due to the seller accepting a higher offer from an alternative buyer.
Other reasons for sales collapsing included problems securing a mortgage (18 per cent), a problem identified by a survey leading to the buyer pulling out (9 per cent) and a problem in the chain, with a sale elsewhere in the property chain falling through (9 per cent). Other reasons include the seller pulling out due to slow progress.
As a seller or a buyer it can be devastating when things fall through, and it can happen right up until the day of exchange. It’s one of the reasons we always recommend taking out insurance on your home removal booking, just in case things need to change last minute.
However, if the problem is with the house you’re buying, rather than the chain below you, you have the option of continuing with the sale of your existing home. For many people, especially if they’ve struggled with a chain previously or to get a sale at a price they’re happy with, they’d rather ensure their house was sold. They can then move into rented accommodation or in with friends and family, giving them time to house hunt for their perfect home, without the worry of a sale to manage as well.
If that’s an option you decide to take, storage can be a great help. You could continue with your removal booking and we would pack everything into containers on the van, before transporting them to our secure storage centre. They’ll stay there, safely sealed, until you need them. Handy if you’re moving into a furnished rental or sleeping in someone’s spare room for a few months – just take what you know you will need.
Alternatively self storage could be an option. At our secure self storage centres in Leeds, Harrogate and Wakefield, you can hire a storage unit to suit your needs and store items there yourself – accessing things as and when you need them. We can even help with a man and van service to get them to the unit – or safely deliver them to your new home.
If your sale has been left in the lurch, give us a call to chat through some options. Our friendly team is always happy to help!