Why you need to understand The Chain
When you’re buying or selling a property in Shropshire you may not have put any thought into the importance of ‘the chain’. You may even believe that, just like Fleetwood Mac, you would “never break the chain”. But the parties in your chain and the number of people involved can have a huge impact not only on the speed of your purchase or sale, but also your overall experience. This is why you need to understand the chain.
What is the chain?
Let’s start at the beginning, a chain is formed when at least two property transactions are linked. If you are buying a house, you are linked to the sellers, and they to you, and also the owners of the property they are purchasing, and so it goes on. Therefore, a chain can be as short as two parties, or involve many who are linked via the properties they are buying and selling.
The wider net
When you purchase a property, you will have to ensure your finances are in order so your mortgage lender will agree the financing on your property. In addition, you will have a conveyancer undertake the searches and legal process, and maybe even a surveyor. All these professionals are working on your behalf, and every other person in the chain will have the same. Therefore, once you enter the sales process, much will be taken out of your hands, which can be frightening and frustrating. This is the time that many find to be the most stressful, as it’s where things can go wrong.
Doubt sets in
It is essential that you build a good team around you who can drive your sale or purchase forward and resolve issues swiftly. The reason being that delays can cause uncertainty, which can lead to doubt, and when that sets in many can start to wonder if they’re making the right decision. If this happens and one person in your chain walks away, it can mean that the entire chain collapses and you have to start again, which can mean finding a new buyer or a new home to purchase.
Importance of the right estate agent
One of the major driving forces in any property transaction is the estate agent. Having the right agent by your side can be a godsend, as they are able to keep communication flowing between all parties and ease any nerves should there be a hiccup or two along the way. At Samuel Wood we see our role as your project manager, chasing all your professionals, ensuring documentation is where it needs to be and when, keeping you abreast of where you’re up to and proactively preparing you for what’s coming next. Do you have the right estate agent by your side?
Consider the chain
When buying, your position may give you a distinct advantage should you be chain-free, meaning your offer could look more favourable compared to one that comes with a long chain. So buyers, make sure you promote your situation to the sellers when you’re making an offer; sellers, make sure you ask about the position of each buyer who makes an offer, as it could prevent you becoming stuck in a long chain.
It’s all about perspective
Chains are inevitable, and just because the chain is short doesn’t mean you will necessarily have an easy ride – and vice versa. So get all the facts before you rush into any decisions, because no one sets out to break a chain.
If you’re looking to buy or sell in Shropshire and want to understand more about the process, come and chat to a member of our team at Samuel Wood or simply give us a call.