When it comes to property, there is nearly always a chain of buyers and sellers involved. In order for the property market to function smoothly, it is essential that this chain keeps moving forward. There are a number of ways to help ensure that the property chain does not come to a standstill.
One of the most important is to choose an experienced and reputable estate agent. A good estate agent will be familiar with the property market and will be able to offer advice on how to sell and buy property in a way that keeps the chain moving forward. They will also have a network of contacts that can be used to find buyers or sellers for a particular property.
Another way to keep the property chain moving is to be flexible in your approach to buying and selling. For example, if you are selling a property, you may be willing to accept a lower offer in order to secure a quick sale. Similarly, if you are looking to buy a property, you may be willing to offer more than the asking price in order to secure the property before other buyers do. By being flexible and working with an experienced estate agent, you can help keep the property market moving forward.
Let’s take a look at what exactly a property chain is and ways in which you and your estate agent can keep your house move moving in the right direction.
What is a property chain?
A property chain is when buyers and sellers are linked together with the common aims of moving home. Each party is depending on the other for their transaction to be successful in order to move forward with their own.
A property chain ultimately begins with someone who is buying a home – usually a first time buyer – and ends with someone who’s selling a home. The amount of buyers and sellers in between the start and end of the chain can vary and isn’t a set amount.
If a problem occurs with one of the links, it can have an effect on the rest of the chain. A chain will only progress as fast as the slowest link so it’s important to keep on top of your progression to ensure an efficient and successful transaction.
Ways to keep the chain moving forward:
Organisation is key to keeping a chain moving. Making sure you have all your paperwork to hand and the necessary documents within easy reach will be a big help when they’re required by different parties.
With any paperwork that requires any signatures, ensure this is done as soon as you can and returned to the right person.
Having your solicitor and estate agent’s contact details to hand will be useful to keep them in the loop. To keep everything moving, clear and consistent communication is important.
- Give a notice to complete
If the exchange of contracts has happened however your buyer is taking their time in signing it, serving a notice of a completion date could encourage them to sign quicker. If they don’t they could lose their deposit.
All good agents will thoroughly vet buyers to ensure they are qualified and able to progress with the transaction. This means checking their mortgage offer and further details about the buyer themselves to make sure they are the right match.
Can a chain break?
Yes, a chain can break for many reasons including if a buyer is unable to obtain a mortgage or a seller changes their mind and takes their property off the market.
A property chain can break down if a property survey unveils issues with the property such as structural problems or asbestos leading to the buyer or lender not wanting to proceed.
Other reasons can be that the legal paperwork has taken too long to be filled out by a legal firm and buyer loses interest, or a change in the personal circumstances of someone in the property chain such as redundancy, illness, or divorce resulting in a person not being able to move forward with the house sale or purchase.
A property chain is less likely to break if there are fewer parties in the chain. By moving out of your property and into temporary accommodation, you could reduce the number of people in the chain which can help the chain move forward.
If you would like to know more or ask any questions about property chains, feel free to get in touch with the team.
Are you looking to move?
If you are looking to SELL, LET, BUY or RENT property in Salford or Greater Manchester, we can help. Experienced and knowledgeable about property, the team at Hills will keep you moving forward and work hard at every step to keep things smooth and efficient.
Find out what your property could be worth and arrange a FREE PROPERTY VALUATION. If you have any questions please don’t hesitate to get in touch. We’d be happy to have a chat about your move.