The property chain can evoke a number of problems and issues. Here at Property Buyers Today we’re on hand to guide you through these obstacles, from preventing breaks, to what to do if you have a dispute with a buyer or seller.
Unless you’re a first time buyer, it’s likely you’re part of a property chain. The property chain is completely dependent on the success of other transactions. If one of these links fails, then the whole line of chains can fall apart.
Selling your home can be a very stressful process, especially when you’re being dependent on other people.
Why would a property chain break?
- Struggles to raise finances from a mortgage lender
- Sellers not finding a property they want to move to
- Redundancies
- Cold feet
What can you lose?
As well as being extremely frustrating, it can be a very expensive ordeal.
You can lose money for:
- Solicitors’ fees and surveys
- Homebuyers report
- Non-refundable mortgage arrangement fee
- Booking fee
- You deposit (if you’re the one to pull out once contracts have been exchanged)
Can I prevent the chain from breaking?
Unfortunately no, but there are many ways you can limit the chances of a break occurring.
You need to be honest and organised throughout the whole process, leaving little scope for upset.
Be honest with your finances and house hunt with a mortgage in principle. This way you only look at homes you’re sure you can get finance for.
When selling your property be sure to be completely transparent when it comes to the condition of your home. If you try to mask any hidden problems, they will only come to a head later when a survey is carried out.
The best way to avoid disaster, and disappointment, is to avoid a chain altogether.
My chain is broken, what now?
Here at Property Buyers Today we can guarantee a property sale in the event of a chain break. While you may receive an offer below market value, you will not be paying any legal fees. The deal can be completed within 7 days, with money straight into your bank account. Perfect for those who are in need of a quick and convenient sale.
If you’re stuck in a broken chain we can help. Contact us today!
