A property chain can often be a fickle but necessary part of selling and buying a home. Regardless of how thorough and organised you are, there could be someone else further along the chain whose issues cause the deals to stall.
Being proactive is one of the best ways to keep the property chain moving and ensuring you’re doing your bit to eliminate any hold-ups can ensure that at least one section runs smoothly.
Sort your finance
One of the more common reasons for a deal breaking down is a lack of available finance. It’s common that a person will commit to buying a house only to find that once the agreements have been made, they can’t get a mortgage to cover the cost of property.
We can often rush into making offers on the properties that we fall in love with, but it’s important to make sure that you can get a mortgage agreed in principle before making offers you may not be able to honour.
Get to know your buyers
If you’re relying on the sale of your house to fund your next home, then it’s always best to be inquisitive towards those looking to buy your property. While it may seem rude and intrusive, before you accept an offer it’s important to make sure that the buyers aren’t going to pull out last minute.
Checking they have a mortgage agreed principally and a solicitor or conveyancer ready can help test how serious they are. If they were to fall at the last hurdle and be unable to complete on the sale, then this could lead to you being unable to secure the home of your dreams.
Whether it’s with your estate agent, solicitor or conveyancer, ensuring that you’re aware of the development of your property deals is important. These people are working for you and it’s well within your rights to ensure that they are being proactive and not letting your property fall to the wayside.
Meeting deadlines is vital to keeping the property chain moving and by staying in contact with the people you’re paying, you can ensure that they’re doing the best they can to ensure your house sells.
Break the chain
The longer a property chain, the higher the risk that it may breakdown, however there are ways that you can avoid the often long and turbulent process.
Selling your home and then moving in with friends, family or renting a property can often be a legitimate strategy when it comes to quickly and efficiently securing your next home. This essentially makes you a cash buyer and as soon as your funds are available you can quickly make offers.
Avoid the property chain altogether
The property chain can often be at risk of breaking down if just one sale falls through. However, there alternative ways to sell your home and these can often be faster.
Cash buyers are much more common than people think and can often be more effective than a property chain. Alternatively, there are companies throughout the UK willing to buy properties for cash through a quick and transparent service that will leave you able to secure your dream home much quicker than a long, convoluted property chain.
When selling a property, it’s important to keep proactive and ensure that your transactions, surveying and offers are completed and arrive to set deadlines. Alternatively, it’s important to remember that there are different routes which can offer a potential buyers and seller more freedom.