There’s an increasing trend in the property market towards vendors “changing the goalposts at the last moment”, according to Stacks Property Search.
The company has reported a rise in vendors either extending the exchange date or pulling out of the sale altogether.
“We’re encountering numerous situations of this kind,” said Bill Spreckley of Stacks Property Search.
“Often it’s because the vendor hasn’t found something to buy, or because they’ve had second thoughts about moving into a rented property while they search.”
Spreckley added that the vendors are often under the misapprehension that the seller still “holds all the cards” in the market.
“They think there’s an endless supply of buyers,” he said. “That may have been the case in 2021 and 2022 when vendors were firmly in control, but things have certainly changed.
“For the purchaser who has invested heavily, both financially and emotionally in a purchase, it’s devastating when a vendor changes their mind at the last minute. The vendor pays very little up front – maybe a few legal costs, but the purchaser has a great deal more to lose.”
Spreckley commented that the setting of deadlines for various milestones such as searches, delivery of contracts and property information forms can help transactions to run smoothly.
“The best signs are that both parties are keen and pushing their solicitors,” he said.
