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POTENTIAL PITFALLS WHEN BUYING AND SELLING[Source 1998 government consultation paper- the key to easier home buying and selling]It was estimated that 28% of offers made and accepted failed to make it to completion. 33% of all buyers ran into problems in the period between having made an offer on a property and obtaining a mortgage. Normally due to difficulties caused by delays on the lenders part, valuation problems and conditions attached to mortgage offers. 50% of buyers and sellers experienced difficulties in the period between the mortgage offer being made and the exchange of contracts. Problems were due to delays on the part of solicitors, the need for an additional survey and organising completion dates where chains exist. 25% of buyers and sellers experienced problems between exchange and completion, normally involving arranging a completion date and handing over the keys. |
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