How Good Estate Agents Keep Property Chains Together
Property chains can be a source of anxiety for both buyers and sellers.
But what is a property chain?
It’s a sequence of property sales that must all happen, at the same time.
For example, you're in a chain if you are buying from someone who also needs to buy a property, and so on. A chain is created when these transactions are all reliant on each other. Meaning if one link in the chain breaks for whatever reason – it’s a big problem for everyone.
And as a wise person once said: ‘where people are involved there’s always a potential for problems and things not going to plan.’
But understanding how to minimise the risk of a chain breaking can help make the process smoother and more predictable.
Here are some practical tips to keep property chains intact:
1. Stay Informed and Prepared
Understand each step of your property transaction process.
Keep your paperwork, mortgage approval, and finances in order from the start.
2. Communicate Effectively
Regularly check in with your estate agent and solicitor.
Ensure timely updates are shared between all parties involved.
3. Choose a Proactive Estate Agent (and solicitor)
Select an agent known for diligent follow-ups and coordination between multiple parties.
An agent with a robust system for managing property chains can be a significant asset. As can a proactive and approachable solicitor.
4. Have a Plan B
Consider properties with no onward chain where possible.
Be prepared with alternative properties or buyers in case the chain breaks.
5. Be Flexible and Reasonable
Flexibility with moving dates can help keep the chain moving.
Be willing to negotiate and accommodate other parties' timelines where possible.
Minimising disruptions in property chains requires preparation, effective communication, and flexibility.
Employing these tips, especially a good estate agent working for you, can help ensure smoother transactions.
To discover how we can help you contact us today.