Published: 06/07/2020A property chain is when the buyers and sellers are linked together in a chain.
Problems in the chain are a common cause of delays and failed sales resulting in extra expense, disappointment, and stress.
These can include:
- Buyer or seller’s personal circumstances changing
- Finance falling through at the last minute
- Paperwork deadlines being missed
- Issues coming up during the building survey
- A buyer simply changing their mind
- A buyer reducing their offer (gazundering)
- A buyer outside the chain coming in with a higher offer (gazumping)
So, how can you avoid these problems and keep a property sale progressing smoothly towards completion? Below are a few pointers:
The most essential responsibility any buyer or seller has is to instruct the most professional conveyancing team to handle all aspects of the transaction, preferably one with the Conveyancing Quality Scheme award. Top conveyancers aren't cheap, but it pays dividends to employ the best to get the deal across the line.
In an ideal world, selecting the right people should take most of the burden off your shoulders; however, you must still play a huge part. Communicate regularly with your team, ask them if there's anything you can do to push things forward quickly; an unsigned document can hold up the proceedings so make sure you are always on hand and are being kept in the loop to avoid delays.
Find out who's in the chain; have they got a property to sell, or are they a first-time buyer? Do they need a mortgage, or are they cash buyers? Be proactive and keep information flowing in the chain by starting up a WhatsApp group for everyone involved.
Be cautious if you know the seller uses an online agent as they don't have any incentive to push the transaction through. They charge an upfront fee and get paid no matter what the outcome; make sure your agent or conveyancer applies pressure too.
If you have to move into rented accommodation to keep the chain intact, then do it.
Most importantly, always go the extra mile to keep your buyer happy.
Circa London knows how to sell your property efficiently, taking care of valuations and online listings, as well as marketing your property to the right audience to maximise the chances of selling quickly and at the best price.
Get in touch to find out how we can help you on email@example.com or 020 3137 7877.