Property transaction fall throughs is the topic of the latest Today’s Conveyancer podcast; specifically how to tackle situations when there is an issue between exchange and completion.

Although admittedly rare, the consequences can be chastening; and this was certainly the case for the sister of former director of FTSE 100 wealth‑management business St James's Place Peter Thompson.

A protracted sale of the family home, complicated by divorce proceedings, fell through on the day of completion. Although the purchaser forfeited their 10%, the knock on impact for Peter's sister was much more consequential.

The experience led to the creation of Clozesure. a property purchase option contract. Once a seller has accepted an offer, they may apply for Clozesure, which validates the agreed sale price and guarantees to buy the property within 10 days for 90% of the agreed sale price in the event of the sale collapsing; funds that allow the seller to complete their onward purchase and prevent a chain collapse.

The discussion explores how the business is funded with backing from bridging finance and high net worth investors; the practicalities of picking up a property in 10 days and what that means for conveyancers on the other side; and the disposal of acquired properties.

With home buying and selling reform firmly on the government's agenda, Thompson is confident a service which provides greater certainty post-exchange, will complement any proposals to tackle pre-exchange fall throughs, such as reservation agreements.

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