5 Things that can Kill a Property Deal
When buying or selling property in the UK, several issues can arise that may cause the deal to fall through. Here are five common deal-killers:
Issues with Mortgage Approval
If the buyer struggles to secure a mortgage—whether due to poor credit history, insufficient income, or changes in lending criteria—the purchase may be delayed or even collapse. A sudden interest rate increase can also affect affordability.
Problems Identified in the Survey
A property survey may uncover structural defects, subsidence, damp issues, or other costly repairs. If the buyer is unwilling to proceed or renegotiate the price, the deal could fall apart.
Gazumping or Gazundering
o Gazumping: When a seller accepts a higher offer from another buyer after agreeing to a deal.
o Gazundering: When a buyer lowers their offer just before exchanging contracts, forcing the seller to accept a lower price or risk the deal falling through.
Legal Issues or Title Defects
Problems with the legal title, such as boundary disputes, rights of way, or unresolved planning permissions, can cause significant delays or deter buyers entirely.
Chain Collapse
Many UK property transactions involve chains—where a buyer needs to sell their home before completing a purchase. If any link in the chain fails (e.g., a buyer pulls out or a sale is delayed), it can disrupt multiple transactions.
