What to Do if Your House Sale Has Fallen Through in North London

Around 30 percent of property sales fall through in the UK and while it is an unwelcome position to find yourself in, staying calm and being prepared for the next stage can help to get your sale back on track with a new buyer.

If you are selling a property in Queens Park, West Hampstead or other areas of North West London, the good news is that there is nearly always good demand for properties, so you will hopefully have a pool of new buyers interested in your house.

When a house sale falls through it can be frustrating and put your plans on hold but usually it just means a delay of a few months before you will get your sale completed. If your sale has fallen through and you are wondering what to do next, we’ve outlined the next steps to follow in the sections below.

Why do house sales fall through?

There are many different reasons why a house sale can fall through, and it can be as simple as the buyer changing their mind. Maybe another property has become available that is more suitable, or their circumstances have changed.

Another common reason is financing problems, for example, if they have not had the mortgage amount approved. It could also be down to an issue related to the surveys if a problem has been revealed and they do not want to risk buying the property based on the survey results.

Property chains often break down, so if the buyer was selling their house and the sale has fallen through, this has a knock-on effect on their ability to purchase your property.

My house sale has fallen through – what do I do?

Although it might be difficult to maintain a positive mindset, by approaching the situation with a better understanding of the process, you will be in a good position to move onto the next stages as quickly as possible, to reach your goal of securing the sale. Here is what to do:

1. Stay Calm & Patient

With one in three house sales falling through, it is a very common outcome so try not to dwell too much on why it has happened to you and your house. Your estate agent and solicitors will have dealt with this scenario countless times and they will be able to guide you through the next steps.

2. Keep the Chain Intact (if possible)

If you are buying and selling at the same time, you can try to keep the chain intact so you do not lose out on the property you are looking to buy. Update your agent, solicitor and onward buyer as early as possible to discuss the situation and to check whether the seller of the home you want to purchase can wait for you to find another buyer.

3. Understand Why the Sale Fell Through

Finding out why the sale fell through can help to prevent being in a repeat situation. Ask the agent and buyer for feedback regarding the reason for pulling out of the purchase. If the reason is due to the personal circumstances of the buyer, then you’ll know it’s not an issue with the property.

If the buyer’s reason was related to the property, there may be some actions you can take to make sure the same issue doesn’t put another buyer off.

4. Review Your Property Listing

Use the feedback to re-assess your property listing before putting it back on the market, and showing it on portals like Rightmove or Zoopla. Have you priced it at the right value? You might consider reducing the price and your estate agent should be able to guide you on this. Make sure your property is in the best possible condition for viewings and take new photos if your original ones are not showing your property at its best.

See to any minor repairs or other issues that could put buyers off like marks on the walls which can easily be fixed with a coat of paint.

5. Resolve Any Legal or Structural Issues

If the survey revealed issues such as damp or structural problems, these will come up in the next home survey. Arrange for necessary repairs to rectify any issues on the property survey. If there were any legal issues revealed in the searches, you will need to resolve these before another buyer is likely to go through with a purchase.

6. Consider Backup Offers

To help achieve a quick sale when the previous sale has fallen through, you might be able to approach people who were interested in your property before you accepted the offer. They may still want to purchase your property and be in a position to go through with the purchase quickly.

If there is a chain free buyer or someone who can make a cash offer, then this will reduce the chances of the house sale falling through again.

7. Evaluate Your Estate Agent

Assess whether your estate agent has worked efficiently or whether they may have caused communication delays that led to the buyer deciding to pull out of the sale. You can check the terms of the agreement you have with the agent to see if you can switch if you were not happy with their service.

8. Stay Legally Prepared

Make sure that you have all your legal paperwork ready and stay in contact with your conveyancer to help ensure there are no conveyancing delays on your side. You should be prepared to move quickly after accepting an offer.

9. Relist the Property

Once any issues have been resolved you can re-list the property to restart the sale process. Your estate agent might suggest a few tweaks to the marketing, such as improved photos or videos to attract more interest.

What happens if the house sale has fallen through after exchange?

Once the contracts have been exchanged, the house sale is legally binding. If. The buyer has pulled out of the sale after this has happened, they will usually lose their 10% deposit, and the seller can sue for legal damages. It is a good idea to seek legal advice if you are in this position.

Does a fallen through house sale put people off?

Yes, it can put buyers off if they are aware that a house sale has fallen through as they might think there are hidden issues with the property. Your estate agent should be able to reassure prospective buyers by explaining why the previous sale fell through and advising that any issues have been resolved (if applicable).

Know what to do if your house sale falls through?

While a house sale falling through can be frustrating, you should be able to address any issues to ensure that you can find a new buyer and continue with the plan to sell your house. Take a look at our other sales guides on how to sell your home quickly, house selling costs, and selling a home under probate.

If you are looking for an experienced estate agent in Willesden Green, Neasden, Kensal Rise or surrounding areas, we can help to get your sale back on track. Get in touch with our team today.

Want to know more about property sales? Our blogs cover everything, from equity release on a property to selling a house after probate.