We've got the mortgage offer, surely nothing can go wrong?

Hello, property aficionados! As we navigate the bustling UK property market—with over a million transactions zipping by each year—it’s essential to question how we guide our journey. Surveys are often a compass. Surely, though, if our compass is based on a mere 300 responses, this can only reveal a snippet of the vast landscape?

With 315+ councils and countless local variations, it's like trying to read an entire novel by peering at a single page. Many such polls and surveys are carried out to influence our thinking rather than fully reporting on the true reality. Having said that, results can give us hints.

Here’s what our modest survey said about potential issues based on the experiences of 300 brave souls in 2023:

• 35% of properties encounter problems. That's 105 properties where things might go awry within our 300 properties.

We are now only speaking about just over a hundred properties with snags.

• 49% of transactions might hit a snag when buyers get cold feet or renegotiate, so it is suggested, affecting about 51 deals.

It is important to understand that just over fifty buyers themselves made the decision to pull out

• 19% might see their dreams delayed by chain breaks, which could affect 20 transactions.

These twenty cancellations are way beyond the control of those involved. A lot is being eaten up, then.

• 17% could experience slow processing, potentially slowing down 18 sales.

Those slowed down and ultimately cancelled could be caused by a series of variants. Is the property going through probate? A Land Registry query? It could even be the one so many people try and lay the blame on, the Local Authority report. Pretty lowly numbers for each of these, then.

• 10% may struggle with securing a mortgage, impacting around 10 would-be homeowners.

Maybe some more negotiations here to get back on the ladder again. Not so easy to predict in advance of course. It does show the need for monitoring the steps in the process.

• 3% could be blind-sided by unexpected life changes, impacting 93deals.

That’s only three to four in every hundred. Unpredictable, although it does happen.

• 2% might stumble over legal hurdles, affecting 2 transactions.

Not so many here, however, it does happen. Again, suggesting we keep a watchful eye on what is happening behind the scenes and on those matters in view.

These figures, while insightful, only skim the surface. They hint at the sort of challenges that might crop up but don't capture the full spectrum of what every buyer or seller in the country faces. That's why this week on the Property Quprum podcast, we’re set to dive much deeper.

Tune in at 10 AM on Thursday on LinkedIn for our episode titled "Mortgage in Hand: What Could Go Wrong?" We'll explore both typical and atypical challenges you might face, leveraging not just survey results but also real-life tales from various corners of the market.

Our goal is simple: to prepare you not by scaring you with potential problems, instead, by equipping you with the knowledge and strategies needed to navigate these issues effectively. From renegotiating post-survey discoveries to managing the fallout from a broken chain, understanding these common hurdles can profoundly impact your transaction journey.

Join us for an engaging and friendly discussion that promises to enhance your understanding and help you navigate your property dealings more smoothly. Let’s turn potential pitfalls into opportunities for learning and growth, ensuring your property journey is as informed and successful as possible.

We are, Chris Gilsenan - Root Home – Property developer/investor, Juliet Baboolal LLB (hons), LLM construction - gunnercooke – Property Lawyer; along with the Chairman, our very own, Gareth Wax - Many Purple Hats Ltd .

We are so very fortunate this week to have Barbara Ca??o MBA from CC Finance keep us up to speed on financial insights. We will go live on LinkedIn at 10 a.m. on Thursday. If you miss us live, you can always listen later to the recording.

Here’s to conquering the property market with eyes wide open and sails fully hoisted!