When Your Property Purchase Falls Through: Stay Calm and Carry On

You've found your perfect home, your offer has been accepted, and you're already picturing yourself living there and planning where your furniture will go.

?Then comes the news no buyer wants to hear…….the sale has fallen through!

It’s natural to feel like all of a sudden your dreams of your new home are slipping away. If this sounds familiar, you're not alone and more importantly, this isn't the end of your home-buying journey!

The Reality of Property Chains

In the UK property market, fallen-through sales are more common than you might think.

Having worked in this industry for a very long time, I’ve seen these situations arise and they are usually for one of several key reasons:?

• Survey revelations: Major structural issues or damp problems that weren't visible during viewings
• Chain complications: A buyer or seller elsewhere in the chain withdraws
• Legal complications: Unexpected issues with property titles or planning permissions
• Financial changes: Survey valuations coming in below the agreed purchase price, which then negatively impact your mortgage options

While it's perfectly normal to feel disappointed or frustrated, remember that this is often just a temporary setback.

Why Having a Mortgage Broker Makes All the Difference

This is where having a good mortgage broker truly proves invaluable. As experienced professionals who've guided countless buyers through similar situations, they're well-equipped to help you navigate this bump in the road. Here's how:

Quick Adaptation to Change - Your broker will be ready when plans change. They'll immediately start working on transferring your mortgage application to a new property once you find one. Many lenders allow applications to be transferred with minimal paperwork, and your broker will handle all of this for you.

Maintaining Your Rate / Finding Another - If you’ve previously secured a great mortgage rate, your broker will work to keep this for your next property where possible. If more lower rates have become available, they’ll work to find the most competitively priced rates for the new property.

Emotional Support Perhaps most importantly, your broker can offer perspective. They've seen countless sales fall through and then watched those same buyers end up in even better properties. Their experience can be incredibly reassuring when you need it most. ?

Practical Steps

1. Take a breath and remember this happens to many buyers.
2. Stay in close contact with your broker, they've got your back and will be a great ally in this situation.
3. Keep your search criteria open, is so common that an even better property is just around the corner!
4. Don't feel pressured to rush into another purchase just because this one fell through.
5. Remember that your broker will handle the administrative side of things, allowing you to focus on finding your next property.

The Silver Lining

Many buyers who've been through this experience often share a similar revelation: the property that eventually became their home turned out to be better than the one that fell through.

Sometimes, what feels like a setback is actually making way for something better.

The Broker Advantage

Your mortgage broker's role becomes even more crucial during these changes. They'll:

• Handle the paperwork for transferring your application
• Manage communications with the lender
• Ensure any new property meets lending criteria
• Keep your mortgage offer valid where possible
• Navigate any changes in circumstances or requirements

In Summary

While a fallen-through purchase can feel devastating in the moment, try to maintain perspective. The UK property market is constantly moving, and new opportunities arise every day.

Your broker has seen this scenario play out numerous times and knows that persistence usually leads to success.

Remember, a failed purchase doesn't reflect on you as a buyer. It's simply part of the complex process of property buying in the UK.

With a good mortgage broker by your side, you have an experienced professional who can turn this setback into a stepping stone toward finding your ideal home.

Stay positive, trust the process, and keep your broker close - they're not just there for the mortgage, but to support you through every twist and turn of your home-buying journey.

Your home may be repossessed if you don't keep up with your mortgage payments.

This article doesn’t constitute advice - your situation and requirements are unique and therefore you should seek expert advice based on your own individual circumstances.

About Me

I'm Mark Humphrey, founder and Advisor at MHC Mortgage & Protection Ltd, a mortgage broker firm based in Whitstable and helping people buy their homes across the UK.

I've worked in Mortgages for over 20 years and am passionate about making the mortgage and moving process as simple and stress-free as possible.

Buying your home is a BIG DEAL and with a bit more understanding and help along the way - it really can be such a positive experience and not the stressful and anxious time that so many people dread!

Whilst it's the mortgage that helps you buy your home, it's the protection that makes sure you never lose that home, so it's an equally crucial part of the process that I help with.

Please get in touch if you have any questions or if I can be of any help at all - [email protected] | 01227 807087

MHC Mortgage & Protection Ltd is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

Registered in England and Wales - 12067840 – Registered address – 13 Aurum Close, Whitstable, Kent. CT5 3FN