Will preliminary contracts when buying and selling a home work?

House Contracts

Currently, according to a government survey, around 31% of house transactions fall through after offers have been accepted. The effect of the credit crunch and recession on the property market is that holding sales together has proved harder than ever before.

Buyers and sellers are both losing confidence and pulling out of deals, or people are finding they have been approved for a mortgage in principle, and then the lender has pulled the mortgage. Some people are trying their luck at making offers, then trying to reduce them prior to exchange. READ ON to find out what Kate thinks of 'prelim contracts'!