A property chain occurs when there are several related transactions that all need to occur at the same time for each sale and purchase to conclude.
If you own a property, it is likely that you will need to sell your property at this time to be able to buy your new property. If the people you are buying from also have a property to buy, this will add another link to the chain. However, if you are a first-time buyer you do not need to sell to move, which arguably would make buying easier to work with from the point of view of the seller.
The longer the chain, the more opportunity there is for one element of the chain to go wrong and as a result, breaking the chain and stopping all potential buyers and sellers in the chain concluding their transactions.
There are many reasons for a chain fall apart and they can include:
One buyer or seller decides they do not want to continue.
One buyer has problems securing a mortgage.
A property survey reveals an unknown problem, and the buyer does not continue.
One law firm may be slow in processing or request information.
A buyer or seller attempts to renegotiate the terms of the transaction.
Unexpected events, such as illness, which halts the momentum.
It is often difficult to avoid chains but good communication is often the key to limiting the risk of problems. That and a good conveyancer. For Conveyancing Solicitors Guildford, contact a site like Sam Conveyancing.
Other things to consider include:
Don’t simply choose your conveyancing firm based on how much they charge. You need a trusted firm with excellent communication and the ability to act efficiently, saving you money in the long run. Consider Conveyancing Solicitors Guildford for all your needs.
Have the finances in place early before you find a property.
Regularly talk to everyone involved in the transaction, especially the estate agent and conveyancer to maintain momentum.
Be up front – should you think of anything that could potentially affect a transaction, speak up and flag it up early on in the process.
Keeps track of documents, the majority of transactions are handled electronically these days and you may not get them all at the same time.
Documents will require original signatures and because of this, they can take time to arrive.
If you are selling and buying simultaneously, you will have to provide information about the property, so make sure you have this hand in advance.
Talk about the time frame. It is good to discuss the potential time frame in the beginning so that each party is clear about goals so that when you try and push things along it’s not a surprise to anyone.