When buying or selling a home it’s more than likely that you will be swept into a chain. A chain is basically buyers and sellers that are linked together as they are buying and selling property from each other. Decisions made by each link in the chain can have an impact up and down the line, and the powerless feeling of being stuck in a chain can at times be overwhelming and frustrating. So what can you do to stop broken links in your chain?
Limit the chain
When you’re selling a property you need to make sure you choose the right buyer – that may not always be the one with the highest offer. There are several things you need to take into account, such as are they in a chain, and if so, how long is that chain? The longer the chain, the more potential there is for something to go wrong, and with a quarter of sales not even reaching completion, limiting the chain is definitely something to consider.
If you’re buying a property, especially if you’ll be at the beginning of the chain, it’s again essential that you ask that question about the length of the chain. You may be in a position where you need to move quickly, in which case, if a property has stolen your heart you may have to walk away or be prepared to accept a longer sales process.
It’s taking too long
One of the reasons for sales collapsing and, subsequently, the chain, is due to the time it’s taking to reach exchange and completion. Should one person in the chain forget to return a phone call, fail to send a document, or do anything that could cause a delay, the ramifications are felt all the way through the chain. This is why it’s essential to react as soon as you are asked to take action. Be proactive, get paperwork together as soon as possible so you don’t have a mad panic trying to find it when it’s needed.
Keeping everything moving
Should we be handling your purchase or sale, we will be working hard every day to keep everything on track; not only that, we will be in touch with the chain to keep communication flowing. Even if something looks like it could break, we can often find a way to repair the situation. This is why your choice of estate agent is incredibly important, as not all agents are dedicated to the sales progression.
Your other important instruction is your conveyancer. Do your research – you want to ensure they can deliver you to completion as quickly as possible. You don’t want anyone in your chain getting nervous because of delays.
Not all buyers and sellers consider the chain when choosing a property, and we strongly advise that you take this into consideration so you know what to expect as the sales progress. At Oakfield we’re here to support you every step of the way to ensure there are no broken links in your chain.
Neil Newstead, FARLA MNAEA MIRPM
Chief Executive Officer, Oakfield Estate Agents