Sales fall through more often than people think. Until contracts are signed, either side can walk away.
Common reasons
- The seller took a higher bid (gazumping) or changed their mind
- The survey found a problem and the price couldn't be agreed again
- The mortgage valuation came in below the price
- A title or planning problem on the seller's side
- The seller's own purchase fell through
What you get back
Your booking deposit is refundable until contracts are signed. Ask the agent for it in writing. Money you've spent on a survey or legal work so far is usually not recoverable.
Getting back in quickly
- Keep your approval in principle current. Ask your lender how long it lasts.
- Go back to the houses you liked. Some may still be for sale, or back on the market.
- Tell agents you're ready to move. A buyer who's already been through a survey and has a solicitor is attractive to a seller.
- Check sold prices again, since the market may have moved: see asking vs sold by area.