Selling a home can be stressful. While we do everything we can to ensure a transaction progresses smoothly, there are occasions when a buyer withdraws.

In England and Wales, if a buyer withdraws before exchange of contracts, you will generally have limited recourse. In most cases, you cannot recover legal fees, estate agent fees, or the time lost. However, there are steps you can take to help you move forward as quickly as possible.

What can you do next?

• Establish the reason – speak with your estate agent and solicitor to understand why the buyer has withdrawn. Common reasons include issues identified in the survey, concerns raised by a mortgage valuation, or a change in the buyer’s circumstances. Understanding the reason will help you address any immediate issues within your control.
• Re-list promptly – place the property back on the market without delay, and ask your estate agent to contact any prospective buyers who previously viewed or expressed an interest.
• Ask to purchase the searches – the buyer may have already paid for conveyancing searches. Consider asking whether you can purchase these from them, as they may be useful for a future sale. Buyers may be willing to agree, as it can help them recover some of their costs.
• Consider renegotiation – where the issue relates to a mortgage valuation, you may be able to renegotiate the price to align with the valuation. If one lender has valued the property below the asking price, other lenders and future buyers may take a similar view. In some cases, reaching agreement may be preferable to restarting the process.
• Assess repairs and maintenance – if the survey highlights issues that should be addressed, you may decide to carry out repairs. It is worth weighing the cost of the works against the alternative of adjusting the asking price.
• Keep the chain informed – transparency is usually helpful. Let the other parties in the chain know that your sale has fallen through and explain the steps you are taking to minimise disruption.
• Review your asking price – when re-listing, ensure the price remains competitive and realistic by comparing it with similar local properties.

We understand that a buyer withdrawing can feel like a significant setback. Acting promptly on the steps above can help you regain control of the process and demonstrate to others in the chain that you remain committed to progressing your onward purchase.

Leah Gore – Residential Property Solicitor