What is a property chain and what happens if it collapses?
We have teams of conveyancers in Bideford, Barnstaple, Tiverton, Braunton and South Molton who are highly experienced in all aspects of residential property law and will be happy to provide you with a quote. In this article partner Steph Cleak takes a look at property chains and what happens when a chain collapses.
A chain arises when there are a number of property transactions which all need to be tied in together i.e. A is buying from B, who is buying from C, who is buying from D. Each buyer and seller represent a ‘link’ in the chain and all parties in the chain need to synchronise exchange of contracts and completion.
A chain cannot proceed until all parties are ready. Our conveyancers will always do the best they can to facilitate a quick transaction, but unfortunately chains can break…
…A buyer cannot get a mortgage…
…A seller’s personal circumstances change and they decide they no longer want to move…
…A buyer chooses to purchase a different property instead…
There are a multitude of reasons why a chain could collapse.
Understandably, when a chain breaks it is frustrating for those affected, particularly when there is often very little you could have done to prevent it.
Whether it is your own sale or purchase that falls through, or it is caused by a break further along the chain, there will inevitably be time delays. Our lawyers will be able to advise you on any steps that need to be taken when a chain collapses, such as remarketing the property if it is your sale that has fallen through, or they can be there for you to act on a new property purchase if you need to find another property.
You can contact our conveyancers in Bideford, Barnstaple, Tiverton, Braunton and South Molton directly for a quote, or by calling us on 01271 372128 or emailing [email protected]