February 26, 2019
Has your sale fallen though?
Moving home can be a stressful and uncertain time in your life
Recent surveys found that 20% of sellers have experienced a sale falling through. It further found that up to half of these sellers had incurred abortive costs.
The studies show that around 69% of the home sales that fell through were due to buyer related reasons, including:
Results of the studies found that around a third of sellers were put off selling due to uncertainty with the risk of falling through and 1 in 5 were uncertain of what price they may achieve for a property.
The studies were carried after the government announced plans to improve the home buying and selling process. These proposed changes are designed to make the process of buying or selling more certain, by introducing a reservation agreement and non-refundable deposit which is made/paid at the point the offer is accepted.
The problem of Japanese Knotweed is still a scourge amongst would-be sellers and buyers.
The issue of whether it can be eradicated is back on the agenda after researchers from Swansea University conducted a study which found that eradication is not possible. They did, however, find that management and control is possible using chemicals
The Court of Appeal has recently handed down judgment in the much anticipated Dreamvar case.
The facts were relatively straight forward: A fraudster, posing as the homeowner, found a buyer. Both parties instructed solicitors. The transaction was finalised and the buyer’s solicitors sent the purchase money to the fraudster’s solicitors, who into turn sent it onto the fraudster. All this happened unbeknownst to the genuine owner.
The court’s issue was who was responsible to the innocent purchaser. It essentially found that both solicitors should share the loss.
It seems likely this case will be appealed to the Supreme Court, however, buyers and sellers should be braced for more rigorous and enhanced checks from their solicitors.
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