Is your property sale part of a chain
Occasionally, our clients who are either buying or selling property find themselves entangled in a property chain, which can often turn into a complex situation.
We've decided to put together a brief blog post to demystify what a property chain is and offer strategies for navigating it, ensuring your transaction progresses as smoothly as possible.
Would you like some tips to help you through?
Our team of property experts is well-versed in handling property chains. We possess the expertise to both avoid and effectively manage them.
At Putterills we've encountered numerous challenging situations and assisted countless buyers and sellers.
What Exactly is a Property Chain?
A property chain forms when a sequence of buyers and sellers are simultaneously involved in purchasing and selling properties from one another.
When the sequence extends beyond two transactions, it becomes a chain.
Typically, these chains involve estate agents, legal teams, surveyors, and mortgage lenders. While having these professionals on board can be beneficial, they can also be a bottleneck. Just one unresponsive party can cause significant delays.
The chain concludes with a seller who is not purchasing another property.
Being part of a property chain shouldn't be a cause for alarm. It only becomes problematic when certain parties in the chain encounter difficulties in their buying or selling processes.
These issues can range from minor oversights like missing a call or an email, forgetting to sign a document, or more significant challenges related to surveys, mortgages, and other aspects of property transactions.
It's crucial to understand that the chain can only progress as quickly as its slowest member.
At Putterills we closely monitor the status of each link in the chain. This way, if an issue arises, it can be swiftly identified and resolved. This process involves coordinating with other estate agents, mortgage lenders, surveyors, and solicitors, thereby relieving our clients, who are both buyers and sellers, of any stress.
We've observed that budget agents, 'pay upfront' online estate agents, and online conveyancers often lack the resources and motivation to actively assist in these situations. Therefore, we advise caution when dealing with such entities in your property transactions.
How Can You Avoid a Property Chain?
Our role as your agent is primarily to prevent you from getting caught in a property chain. We do this by guiding you through the various stages of buying and selling.
If you're selling and have multiple offers, we advise negotiating with buyers who are not part of a chain.
For buyers, if flexibility allows, consider properties with short or no upper chains, like new builds or unoccupied properties.
Our team can advise on the next steps if you find yourself in a chain.
Why Do Property Chains Collapse?
A chain can falter due to issues with other buyers or sellers involved, creating a ripple effect. This can be due to a party withdrawing from the transaction, temporary delays due to illness, mortgage acquisition challenges, or property faults identified in surveys.
Even minor paperwork issues in another transaction can delay the entire chain, especially if a party in the chain is uncooperative or negligent.
As a client of Putterills, we aim to simplify this process for you.
Additional Tips for Maintaining a Chain's Momentum
- Choose an experienced estate agent capable of managing complex situations.
- Stay in regular contact with your representatives to remain informed and to expedite processes. Reliable conveyancers, lawyers, and agents should keep you updated.
- For urgent documents, consider hand delivery or courier services. Many professional conveyancers, lawyers, and agents, like Putterills, now utilise digital platforms to expedite these processes.
- Ensure you sign your documents correctly and promptly to prevent delays.
- Request necessary documents from your agent early in the selling or buying process. If selling, prepare your seller's pack immediately.
- Above all, try to remain patient and courteous throughout the process.