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What to do if stuck in a property chain

A major problem of buying and selling a house is getting stuck in a chain. During a property transaction, a line of buyers and sellers are linked to each other so if one sale colapses the chain breaks and everybody in that line can suffer.

Government figures estimate one in three property deals fall through which leaves people lumbered with surveyor, estate agent and legal costs. It also means people can lose out on buying their dream home.

Delays can happen due to a number of reasons such as deadlines for legal paperwork missed, mortgages collapsing, surveys failing, gazundering where a buyer reduces their offer at the last moment or the buyer just decides to withdraw their offer.

How can I avoid getting stuck in a chain?

Find out if your buyer is stuck in a chain and reject their offer, while check if the person you are buying from is affected by one.

Make sure your mortgage is in place so you cannot delay things or perhaps apply for a short-term bridging loan which will allow you to buy your new home without needing the cash from your current one. This can be expensive with typical interest of 1.5%-2% a month.

If a sale falls through just as you are about to complete it can be very frustrating and you then have the hassle of marketing your property again.

If you need to sell your property fast in order to buy your ideal home before it is too late then can pay cash for it in just days.

You can even stay in the property until your new home is ready for you to move in. We can make you an offer now, so give us a call on 0800 954 5258.

Email or fill out your details here.

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