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.

The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views.

Thank you to our podcast sponsors LEAP Legal Software, and Compass