How to minimise your risk of property chain collapse
Picture the scene: you’ve found your dream home, you’re almost ready to exchange contracts, and then you get the call… your buyer has pulled out.
Such unexpected events in the property chain can leave your own purchase in jeopardy. Many property transactions are interlinked in this way, with the decision of one buyer having a knock-on effect on the whole chain. In the worst possible scenario, every single buyer will lose out on their new home.
Thankfully, there are actions you can take to speed up the process and reduce the risk of things going wrong.
Dodge the jeopardy
The first option is to avoid a chain altogether by finding a seller whose own transaction isn’t dependent on the sale of their property. However, this does limit your options and will not be possible for everyone. So, what steps can you take if you do find yourself in a chain?
Getting your transaction over and done with as quickly as possible limits the chances of your chain collapsing. Be proactive in instructing your solicitor and other professionals, ensure you’re completing forms and sending them back as quickly as possible, and chase up any delays.
Don’t be afraid to rent
Depending on your circumstances, it may be possible to sell your home and rent for a little while so that you’re not dependent on a buyer. Likewise, if your seller’s transaction falls through, you may be able to ask them to rent on a short-term basis so that you can still complete your purchase.
Let us help
Another way you can speed up your transaction and protect your chain is by securing an agreement in principle with a mortgage provider before beginning your search. We can help you there – so get in touch.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.