Avoiding collapse: managing your property chain in 2022
You’ve found your ideal property, you’re just about ready to exchange contracts, and then you get the call: your buyer has pulled out, leaving your own transaction in jeopardy.
Unfortunately, many property transactions are interlinked in this way, with the decision of one buyer having a knock-on effect on the whole chain, with the worst possible scenario seeing every single buyer losing out on their new home. However, there are actions you can take to speed up the process and reduce the risk of things going wrong.
• Go chain-free
You can avoid a chain altogether by finding a seller whose own transaction isn’t dependent on the sale of their property. However, this does limit your options, so what steps can you take if you do find yourself in a chain?
• Organisation, organisation, organisation
Getting your transaction over and done with as quickly as possible limits the chances of your chain collapsing. Be proactive in instructing your solicitor and other professionals, ensure you’re completing forms and sending them back as quickly as possible, and chase up any delays.
• Rent for a short period
Depending on your circumstances, it may be possible to sell your home and rent for a little while so that you’re not dependent on a buyer. Likewise, if your seller’s transaction falls through, you may be able to ask them to rent on a short-term basis so that you can still complete your purchase.
Let us help
Another way you can speed up your transaction and protect your chain is by securing an agreement in principle with a mortgage provider before beginning your search. We can help you there – so speak with us.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.