Stuck in a property chain and moving nowhere? We can help.
There Is nothing more frustrating than relying on other people’s circumstances to allow you to make your home move. The wait is nerve wracking and the deal falling through due to a chain break is an ever-present danger.
This short guide will give you some clarity on what being in a chain involves and what the potential risks are. Also, if you have been on the wrong end of a chain break what you can do to avoid a repeat of the situation.
What causes a chain to break?
Property chains are formed when multiple buyers and sellers are linked to one another through the sale of their respective properties. When any transaction in the chain falls through due to a change in one of the individual parties’ circumstances all of the buyer’s transactions come to an end, this is known as a “chain break”.
Being involved in a housing chain that falls through can be a very expensive and stressful experience, which is why not being involved in a chain when selling a property is the ideal scenario.
Without having to rely on other people’s circumstances house buying becomes more predictable and you will feel more in control of the whole transaction. You will also find it easier to put in an offer on a property as sellers would prefer a buyer who is not involved in a chain.
What is the cost of a chain break?
On average in England and Wales one in three house sales falls through for a variety of different reasons. The cost involved for each party involved can be significant. You may have already paid survey fees, conveyancing fees, mortgage and valuation fees. These costs combined could lead to a significant financial loss so avoiding a chain and finding an alternative way to sell your home is beneficial.
How can I repair a chain break?
There are few things you can try to repair a chain break, keeping in touch and negotiating with the broken link in your chain to get them back on board or, you may be one of the rare fortunate cases who manages to find a replacement for the broken link.
In our experience the best way to bounce back from a chain break is to find a way to sell a house fast without the hassle of multiple parties being involved. Some people will try and achieve this through auction houses, however, there are fees involved and the amount of money you will receive for your property is very uncertain.
How can I sell my house fast?
If you feel you have tried to sell your house conventionally but need a faster way to sell your property there is another option available. There are home buying companies like cashpropertybuyer.co.uk who can help. Companies who offer a cash deal for a property work faster and differently to traditional estate agents. You’ll get a quick release of funds with minimum hassle and you don’t have to worry about numerous visitors for viewings and months or even years of uncertainty. You can get the process completed and your house sold in as little as seven days in some cases taking all the pain out of selling your home.
Want to know more?
Hit the “get cash offer” button below If you’d like a free, no-obligation offer for your property.
Or if you’d rather talk to us, you can contact one of our friendly team members on 0330.