A property chain is a line of buyers and sellers who are all simultaneously involved in linked property transactions. When one transaction falls through – for instance, someone cannot get a mortgage or withdraws their offer, the entire chain breaks and all the transactions are held up or sometimes even fail entirely.
You may be able to minimise the risk of getting involved in a property chain in the first place and or,
it breaking down by;
• Finding out the status of the people you are dealing with.
• Make sure that you have all your finance in place.
• Have your mortgage offer in place before you start making offers.
The most important way to ensure that a property chain progresses smoothly is to engage a ‘good’ solicitor and estate agent and to allowgood communication with all relevant parties. Stay in regular contact with your solicitor and estate agent to make sure that everything possible is being done to speed things along. Using a recommended solicitor is advised and suggests that they have acted on similar matters before and no doubt, did a good job for others. Using a solicitor that the agent recommends can also be a great positive as they will already have a relationship and therefore can and will work well together in ensuring that the property transaction goes through smoothly. (Blueprint’s recommended solicitors are Gilbert Turner Coomber Solicitors visit www.gtclaw.co.uk or contact 0208 509 6800).
Finally and whilst not ideal it is important to remain flexible. Be prepared to move in with your family or rent as a short-term measure, if it means you can keep the chain going and purchase the property of your choice..