Here is our advice on how you can keep things on track...
A property chain is a link of equal dependency between buyers and sellers.
The pace of the chain is unfortunately with the slowest link. If one transaction falls through then the chain will break, affecting everyone within that chain.
As there has been a surge in demand due to the stamp duty holiday deadline, many people are planning to move as soon as possible, adding more pressure on all involved parties to ensure a smooth process.
We can offer our impartial advice and support, contact us today.
If you are a homeowner already, then you could consider selling your existing home and renting so that you are chain-free for the point of taking your next move onto the property ladder.
Likewise, if your seller isn't looking to buy at the same time as you, this will end the chain.
Alternatively, you could look into buying a new-build directly from a house builder or finding your new home at auction.
There are several reasons as to why the chain could break.
- A buyer down the line can't get a mortgage
- Someone changes their mind and takes their house off the market
- A change in personal or financial circumstances
- Gazumping occurs, which is where a seller accepts an offer from someone but then accepts a higher offer elsewhere at the last minute
There are some simple things you can do to ensure things go smoothly:
- Communicate. Keep in touch with your solicitor, estate agent and mortgage broker
- Check-in with everybody regularly and respond as quickly as possible to keep things rolling along
- Find out why your buyer / seller is moving so you can establish their motivation and level of serious interest
- Be organised. Getting your finances in order and getting professionals to advise you will help massively
- Always keep a record of your correspondence with everybody
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