Increase in last-minute property deal failures

Buyers risk losing thousands of pounds in legal fees, survey costs and bank charges if sales break down, as there is no mechanism available to protect their initial outlay.

Similarly, vendors can lose money on deals if purchasers drop their offer at the last minute, without fear of reprisal – a process known as ‘gazundering’.

Solicitor Robin Troy said that collapsed property chains that depended upon a series of deals had the potential to cause disappointment, while loans and affordability had caused issues for buyers in the last few years.

Read more in Monday’s JEP.

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