Understanding Property Chains

Property chains can make the buying and selling process lengthy and tricky but unfortunately, they are part and parcel of the trade.

A property chain is very much what it says. It is a line of buyers and sellers that are all linked because each transaction is reliant on the sale of another person’s property.  This is typically when a person wants to buy a new property and is dependant on the sale of their current property to fund the onward purchase.

The opposite is also true. The person may have a buyer ready for their current property but the people whose property they wish to buy may not have found a property to buy or are waiting for their vendor to find a property and so on and so forth.

• Being in a lengthy property chain can be stressful and taxing but it is important to remember that everyone has the same goal. To complete their sale. We have compiled a short list of tips and tricks to help you navigate a property chain and minimise the effects.
• Be upfront and honest with all involved about your expectations so everyone can work towards similar time frames.
• Seek financial advice before starting your property search and set a realistic budget.
• Choose a reliable and efficient solicitor that won’t drag their heels with the searches and paperwork.
• Consider selling your property and finding short term accommodation after completion to enable you to search and offer on properties chain free.
• If you have multiple offers, try to choose a chain free offer if the difference between the offers is small.
• Be realistic with the asking price of your property to attract potential buyers and upfront with any underlying issues so problems do not arise after surveys are completed.
• Agree an ideal completion date early on in the process. This gives all involved a target to work towards.

In short, the key is communication! Keep talking with your solicitor and your agent and stay positive. It will all be worth it when you get the keys to your new property.

If you would like more advice on buying or selling your property or a free, no obligation valuation, get in touch with our team today. We look forward to hearing from you.