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Housing Chains

It’s great when you finally find the perfect home and then have your offer accepted. However you can soon start to feel frustrated as you realise you are part of a long, expensive and time consuming property chain. You may be waiting for a quick home sale in order to proceed with your new home, the person buying your home may be waiting for someone to complete on the sale of their home and the person you are buying from may be waiting for things to move forward with another property and so on…it can be very stressful and unfortunately if just one person drops out of the buying or selling process it can mean the end of everything for everyone in the chain. There are however, ways you can break the housing chain and ensure you get your dream home as quickly as possible.

Breaking the chain means you are in control and not at risk of being left in the lurch due to someone else’s sale falling through. There are lots of reasons why the chain could break, most of the time it is due to the buyer not being able to secure their mortgage meaning they are unable to proceed. This could end up costing you and other people in the chain thousands of pounds. If you can break away from the chain it also puts you in a stronger position when buying, meaning sellers are more likely to accept your offer as well as you being less likely to be gazumped by other buyers too. Your ability to move quickly is an attractive point to many sellers as it means they can achieve a quick house sale.

So you are probably wondering how you can break the chain and put yourself in a stronger buying position. Well firstly, you could opt to sell your home quickly before you buy. This would mean possibly renting for a short time or staying with family if you can, which will also save you money. You could also opt for a bridging loan to pay a deposit or increase the mortgage on your existing home to secure another property, then look to sell once your new property is in place. The upside to this is that your home will be vacant when it comes to putting it on the market, making it more attractive to prospective purchasers as it is ready to move into at any time.

By doing any one of these things, you will be in a better position to negotiate and you won’t be in a rush to sell and therefore you don’t run the risk of losing any money. The money you save could possibly pay for any interim renting or other costs but ultimately save the stress of dealing with a housing chain. And if you sell your home first, you will know exactly how much you can spend on a new property from the profit made from the sale of your house. And of course if property prices are falling then you are in a good position to wait before investing in any property.

by Cormac Henderson

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