A break in your property chain isn’t the end of the world – though it might feel like it when your estate agent gives you the news.
Unless you’re a first-time buyer, or purchasing a new or vacant home, the chances are you’ll be buying and selling as part of a chain. The whole idea of chains brings on a feeling of anxiety in most people, because activity up or down the chain can make or break your house move.
But how often do property chains break, really? While some do break, it’s worth remembering that most work out, meaning people manage to make their moves happen, regardless of how many other households they are linked to.
If you’re buying or selling a house in Redbridge, Newham, Havering, Bromley or Tower Hamlets, read on to find out what happens when house sales fall through. We look at why chains break and the things you can do salvage your transaction if the worst happens.
A chain is a series of transactions, linked together. They usually begin with a first-time buyer, who doesn’t have a place to sell. They end with the purchase of a new build or a home that’s for sale because the owner has died or isn’t buying an onward property. Having no chain means you aren’t reliant on another sale to proceed with the move. Bottom of Form
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
The average property chain length isn’t set in stone. They can be small, with just two or three linked transactions, or much larger with ten or more.
Read our article ‘What Is A Property Chain And How Do They Work?‘ for more information, or explore other property chain problems here.
There are lots of reasons why chains can fail. These can be financial, emotional, personal or due to a changing market:
Figures on property chains collapsing vary and you’ll see anything from one in ten to one in two quoted. According to a Which? survey, almost three in ten chains fail.
A property chain collapsing can have a financial impact on buyers and sellers, and you may have to start again or work hard to salvage your move. For example, you may need to relist your home, arrange a new mortgage offer, pay legal fees and surveyors’ fees, and pay for searches that have already been carried out.
You can’t always prevent a property chain break, especially if it happens further up or down the chain. However, there are two main preventative measures you can take to avoid breaking the chain:
To do this, prioritise chain free as much as you can:
This is about making sure that it’s not you or your conveyancing team that is responsible for dragging down the chain:
Take steps to protect yourself from a chain break in advance – you may be able to minimise stress and expense, and potentially preserve your move.
Get in touch with your team immediately to talk through your options and see if the chain can be salvaged.
If the issue is financial – a down valuation, for example, can you afford to drop your selling price, to save the sale? If this has happened to you, as the buyer, you’ll need to renegotiate with your seller, who may be willing to reduce the price to keep everything moving along.
If your seller pulls out, could you go into rented accommodation to protect your own sale?
If your buyer pulls out, get your agency team on board to find a new one as soon as possible. With the intense demand in the market right now, this might not be difficult.
Alternatively, consider a bridging loan.
After a chain is broken, you may feel apprehensive about selling your existing property. There are no guarantees, but these tips may help to avoid a chain break when you go back to market.
If you’re looking to sell a property in east London, talk to us. We’re a leading estate agent with plenty of experience of managing complex property chains in Barkingside, Harold Hill, Collier Row Forest Gate, Silvertown and the surrounding areas. We’d love to talk to you about your priorities and offer you a no-obligation appraisal of your home.
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