Property search agent The Buying Agents is claiming as many as 40 per cent of properties are failing to make it through to completion due to conveyancing problems.
In recent years, a 30 per cent “fall through” rate has been accepted as the industry norm.
However, the latest research from The Buying Agents has revealed that this figure has now increased to around 40 per cent in some areas due to lack of sufficient due diligence conducted by inexperienced buyers.
In a number of cases, the property search agent has also found that many sales have fallen through as a result of vital information being withheld by the agent or vendor early on in the process.
Managing director Henry Sherwood says many buyers are unsure what questions to ask agents and are often left without all the facts.
Buyers should always have access to detailed information about the property before they consider making an offer, he says.
“Some of the things to be aware of include details of the lease and any relevant restrictions, physical issues such as damp and subsidence as well as whether or not the property has been on the market before and if so why it returned to market.”
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