How to cut the cost of a collapsed house purchase | moneyfacts.co.uk

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Published: 15/07/2022
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Article written by eConveyancer, our preferred conveyancing firm.

This article is not intended to be financial advice to any individual. The views expressed are those of the author and Moneyfacts.co.uk does not endorse the content.

Sometimes things don’t always go to plan with a home purchase. There are occasions when the deal that you think is in the bag ends up falling through.

There is no shortage of reasons why this might happen. Transactions can collapse due to down valuations, required repair work identified by a surveyor, or a simple change of heart leading to one of the parties walking away from the deal. What’s more, gazumping, when homeowners turn their backs on an agreed deal when a new buyer offering more money appears on the scene, is apparently on the rise.

Overall, it seems the number of purchases that collapse is increasing. A recent study by research firm TwentyCi found that there has been a notable jump in property sales falling through of late. It found that in January and February this year the fall-through rate was up 18% when compared to the same period in 2019, the year before the COVID-19 pandemic.

A property transaction falling through is a distressing experience for all involved. It’s difficult not to get carried away early in the property journey, to start dreaming ahead to life in your new home. When that dream is snatched away - for reasons that may be beyond your control - it is deeply upsetting.

There can also be a big financial impact from the sale falling through. The money spent on the surveys, valuation and legals can quickly add up to a four-figure loss, making the collapse of that purchase all the more painful.

How can I save money?

It doesn’t have to be that way though. At eConveyancer we have partnered with the insurer Surewise, which provides homebuyers insurance to protect would-be buyers in precisely this position, delivering pay-outs to cover those lost legal and valuation costs up to as much as £2,250, with policies costing just £45.

That’s substantial peace of mind for a relatively small outlay.

Delivering greater value

Brokers can and do provide far more to their clients than simply identifying the best mortgage for their next purchase. Protection products like life insurance and income protection are a standard part of the advice process for most advisers today, and rightly so.

At eConveyancer we believe it is important to provide these sorts of additional services while providing you with a first class conveyancing service.

From protection against transactions falling through to digital wills, these services aren’t just fluffy extras. They can not only help your long-term finances, but also ensure a peaceful conveyancing process.

Get in contact with eConveyancer today and click here.

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