As if selling your home wasn’t stressful enough as it is, when you find yourself as part of a property chain it can all get a bit much. A property chain describes a line of buyers and sellers, each of whom is dependent on each other for the sales to complete. Unfortunately, a chain increases the likelihood of the entire sale falling through, as the more people involved, the more opportunities there are for someone to pull out of the deal, disrupting the entire sale. Here is everything you need to know about buying and selling in a property chain.
Who is at risk in a chain?
Every buyer and seller is at risk of the transaction falling through. The only people in the chain who are not so dependent on the others for the success of their transaction is the people are the beginning and end. The people at the beginning, such as first time buyers, are only buying, not selling, and the people are the end are only selling, not buying. The individuals in the middle are people who have to both sell and buy property. If one link of the chain is slow to sign something, or respond to a message, the progression of the entire chain is slowed, or stopped altogether. It can be a very tricky and stressful process for anyone who finds themselves caught in this.
Avoid it if you can
The best tip is to avoid a chain altogether. If you’re selling your property, then ensure you choose a buyer who is not part of a chain. If you’re buying, then a new build will have no upward chains. If you’re both buying and selling, and finding that being part of a chain is not working out for you, consider selling first, and moving into a rental home for six months while you buy. It slows everything down, but it could make things considerably less stressful and less risky.
Who’s in charge of keeping it moving?
Although it’s technically the job of the professionals to keep the chain progressing, there are some things you can do to keep it going as smoothly as possible. Check with your estate agent and conveyancer if you’re allowed to move things forwards yourself by contacting other people in the chain directly. This way, you can chase people up. Ensure you employ a good estate agent and conveyancing solicitor in the first place. To learn more about conveyancing solicitors go to this link.
What can I do to ensure the chain progresses?
Keep copies of all communications; you might need to refer to transcripts to hold someone to their word. Include in this notes of all telephone conversations and emails. If you can ensure all your documents are signed and returned promptly, then you can never be accused of holding up the chain. It’s worthwhile sending everything recorded delivery, so you have proof that you’ve upheld your end of the deal. Ensure your conveyancing solicitor puts clauses in all buying and selling contracts for the date of exchange and completion so you’ve all got the same end date in mind.
The more you have recorded, and the better the communication between all parties, including conveyancers and estate agents, the smoother the entire process will be. It isn’t easy, but hopefully, you can see that it’s not impossible.
, by Stacey