What Can Go Wrong after Exchange of Contracts

After the exchange of contracts, there is a sense of relief that everyone involved in a property transaction can breathe a sigh of relief. However, this is not the end of the story, and problems can still arise that can cause headaches for those involved. Here are a few things that can go wrong after the exchange of contracts:

1. Failure to complete the transaction: Even after the exchange of contracts, there is still a chance that the sale may not go through. This can be due to a range of issues, such as a buyer being unable to secure financing or the discovery of previously undisclosed information that has an impact on the sale.

2. Disputes with sellers or buyers: Once the exchange of contracts has taken place, both parties are bound to complete the transaction. However, disputes can arise that can delay or even stop the sale from going through. These disputes can cover a range of topics, such as issues with fixtures and fittings or disagreements over the completion date.

3. Delays in the conveyancing process: Even after the exchange of contracts, there is still a lot of work that needs to be done to complete the transfer of ownership. Delays in the conveyancing process can cause frustration for both parties, and can even lead to the sale falling through if they drag on for too long.

4. Issues with the property: It is not uncommon for issues with the property to be discovered after the exchange of contracts. These can range from minor issues with the plumbing to more serious concerns such as subsidence. If these issues are discovered, it can delay the completion of the sale or even lead to the sale being cancelled altogether.

5. Problems with the chain: If either the buyer or seller is part of a chain, there is a risk that delays or issues with other parties in the chain can impact the completion of the sale. This is particularly true if someone further up the chain pulls out at the last minute or fails to complete their own sale on time.

In conclusion, there are still many things that can go wrong after the exchange of contracts. While it is impossible to predict every potential issue, it is important to be aware of the risks and work with experienced professionals who can help to mitigate them. By doing so, you can increase the chances of a successful completion and avoid the headaches that come with a sale falling through.