What is a "chain" in the property market? l The Property Fox
Posted on 17th June 2022
If you're buying or selling a house, there's a good chance you'll hear the term 'chain' being thrown around.
But what does this actually mean?
And how can it affect your transaction?
In this blog post, we'll explain everything you need to know about chains in the property market - including how they can vary and what you should do if you're involved in one.
A chain is simply a sequence of linked sales, each dependent on the one before it.
For example, if you're selling your house and buying another, your sale will be linked to the sale of the property you're buying (which in turn will be linked to the sale of the property that buyer is selling, and so on).
Chains can be a complex and time-consuming process, so it's important to be prepared if you're involved in one. Here are a few things to keep in mind:
- Each chain is unique, so the length of time it takes to complete can vary greatly.
- As each sale is linked to the one before it, any delays or problems with any part of the chain can cause delays for everyone involved.
- If you're buying a property that's part of a chain, your purchase is only confirmed once the whole chain has completed. This means that if there are any problems further down the chain, your sale could fall through - even if everything is progressing smoothly on your end.
If you're buying or selling a property that's part of a chain, it's important to be patient and stay in close communication with your agent.
With a bit of luck (and some good planning), your transaction will go through without any major issues.
Thanks for reading!
If you have any further questions, please don't hesitate to get in touch, we are here to help!
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sales@thepropertyfox.co.uk
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