The 12 common reasons mortgages get refused, according to Which?

Anyone who has bought a home in the last few years will know the anxiety and frustration of watching the months tick by between having an offer accepted and finally getting the keys.

According to analysis by property portal Rightmove, the average time it takes to buy a home in the UK currently runs at around seven months. For every transaction that beats that average, there is another that takes considerably longer.

Why does that matter? The longer it takes to reach completion day, the more chances there are for something to go wrong, which is bad news for both buyer and seller. Since the property market tends to be fickle, a long wait also opens the door to gazundering, where a buyer tries to renegotiate the price shortly before exchange.

So whether you are buying or selling, it pays to eliminate or limit the delays that have become part and parcel of a property transaction.

One of the biggest causes of delay is whether the buyer can actually get a mortgage. To help buyers understand the problem, consumer champion Which? spoke to brokers and lenders and identified the 12 main reasons a mortgage application might be refused.

Getting a "down valuation" - a mortgage lender needs to be confident the property is worth what you have agreed to pay for it before it releases funds, which it checks via a valuation survey. If the valuation comes in lower than the agreed price, the lender may only be willing to offer a smaller loan.

Leasehold issues - if a lease is nearing the end of its life, lenders are reluctant to take on the risk. Rules vary between lenders, but many become cautious once a lease has under 90 years left, and some will decline outright well before that point.

Number of storeys - if you are buying a flat in a tower block, a lender's willingness to lend can depend on which floor it is on. Many lenders have rules around, for example, whether there is a working lift above a certain height.

Spray foam insulation - this method, where the loft space is sprayed with a soft or hard substance to cut heat loss, has fallen out of favour partly because it is hard for a surveyor to check the condition underneath, and partly because of the cost of removal. Lenders may insist on a specialist report before deciding whether to lend.

Cladding - since the Grenfell Tower disaster, cladding has become a focal point for fire safety. Lenders may hold back funds until a specialist report has been carried out and any remedial costs have been factored in.

Flooding and flood risk - with storms and climate change increasing the risk, lenders use mapping technology and historical data to assess how vulnerable a property is to flooding. This can affect the property's value, and funds may be withheld until a satisfactory specialist report is completed. Find out more about flood risk reports.

Located above commercial premises - lenders can be cautious about properties directly above a shop or other commercial unit, particularly a restaurant or fast food outlet, weighing up factors such as fire risk, noise and smells.

Flying freeholds - a flying freehold is any part of a property that extends over or under a neighbouring property, often where a building sits above a shared access alleyway. Lenders will look at the survey findings before deciding whether to proceed.

Unusual construction - if a property has been built using non-standard methods or materials, lending will depend on the specific issues the lender identifies, such as how the material has held up over time.

Japanese knotweed - this highly destructive non-native plant can damage a property's structure, and sellers must now declare it on the TA6 conveyancing form. A specialist report will usually be required before a lender will proceed. Even where a seller hasn't flagged it, a chartered surveyor carrying out a building survey may spot evidence of knotweed and recommend a specialist report, which they will also flag to your conveyancing solicitor. We've covered how knotweed affects a sale and its price in more detail here.

Subsidence risk - for properties near existing or former mines, particularly coal and tin, which show up in the conveyancing searches, lenders will usually require specialist analysis before confirming their position.

Your home is too small - a niche one, but some lenders set a minimum floor space before they will lend, which tends to affect flat purchases more than houses.

Affordability - perhaps the most obvious reason of all. Can you cover the deposit, and is your income secure enough to meet the monthly repayments? Even a strong application can be refused if the numbers don't stack up on paper.

That's a lot to weigh up before you take the plunge into buying a property. But it pays to be aware of these issues early, so you can address them and avoid delays further down the line.

It's worth speaking to a mortgage broker or other specialist, since they will know which of the many mortgage products on the market is the best fit for your circumstances. And appoint your conveyancing solicitor as soon as possible, so the searches can get under way and any legal issues can be picked up early. Which? regularly runs consumer analysis of mortgage products, so it's worth keeping an eye on their reports too.

However you are approaching your move, you'll want effective, focused representation to keep the legal side of things moving as quickly and efficiently as possible, particularly if you're in an area where transactions typically take longer than average. Experienced representation protects you at every stage.

Our conveyancers will start work on your plans as soon as you agree to the quotation and appoint them to represent you.

Call us now on to get your conveyancing quote started, or to talk through any concerns about your move, or get a quick conveyancing quote using our easy-to-use quote generator.