What is a Property Chain and the Benefits of Breaking it?
If this is your first time buying a new house as well as selling yours, you have probably heard about the property chain. These dreaded words can strike fear into people for a very good reason – they have the potential to create a lot of stress, not to mention expense!
So, what is a property chain? It is basically what happens when there are multiple people who are all reliant on homes being bought and sold and all needs to be completed at the same time to work. As you can imagine, this can cause all sorts of problems!
Chains can often collapse, which is why people are not as keen on being part of a chain, as it means a lot of worry and wasted money. Some of the reasons why a chain can collapse are:
One of the people buying cannot get a mortgage
A survey on one of the properties in the chain reveals that there is a problem, and the buyer of the property does not wish to continue with the purchase
One of the solicitors may be working slowly, and holding up the sale
There are many other reasons, but these are some of the most common. A lot of people therefore opt to ‘break the chain’ when moving to a new house – this makes them a much more attractive proposition to the vendor, and also means that they can negotiate more money off the asking price for a quicker sale.
By selling their property, finding a company to store their belongings such as self storage Chorley based self storage company Leakers, they will be able to possibly rent or move in with family and be in a much stronger position to buy a new property.