A property chain is an aspect of buying or selling a home that can be a common frustration. So why is it beneficial to have a property that’s chain-free?
Buying or selling a property has the potential to be a very stressful experience as it not only takes a while, but there are delays and a variety of hurdles to consider. But of course, this isn’t always the case. If your property is chain-free, it can be a huge benefit for several reasons. In this post, we’ll highlight a few advantages of selling a chain-free property.
What Is a Property Chain?
A property chain tends to be one of the most common causes of frustration when you buy or sell a property. It occurs when buyers and sellers depend on the other party’s successful sale to complete their transaction — therefore making each party a “link” in the property chain.
You Don’t Have to Rely on the Behaviour of Other People
One of the most frustrating aspects of being in a property chain is that much of the control is in another person’s hands. If your property is chain-free, you have the peace of mind knowing that — unless your circumstances should change — your transaction can go ahead without any issues.
With a property chain, there is such a vast range of variables involved — such as the decisions, finances, personal lives and health of the parties you are linked to. It is all the more tricky when it comes to property sales with more than one link as there are more opportunities for issues to occur in the lives of one of the links.
Chain-Free is Significantly Less Stressful
Moving house can be stressful enough as it is and is considered by many to be one of the most stressful experiences of adult life. While many different aspects can contribute to the complexity of the transaction, a great deal of the stress tends to stem from being part of a property chain.
As we mentioned above, the success of your transaction not only depends on your actions but also the personal scenarios of others. With a property that’s chain-free, you have total control over the entire situation and avoid many of the pitfalls that come with being a link in a chain. A stressful move is a very daunting and exhausting task. By removing a key variable that’s negative, you instantly make the entire process more enjoyable, pressure-free and ensure the stress doesn’t impact your mental or physical health.
Avoid Money Loss and Sales Falling Through
When you buy or sell a home, there’s a lot of money hanging in the balance, not just the price of the property, but also the cost of surveys and solicitor fees. So it’s safe to say it’s something you would prefer to be wrapped up as soon as possible with no delays or issues. Unfortunately, being a part of a property chain isn’t always as forgiving or smooth sailing as you would like.
If your property is chain-free, you dodge the biggest problem that comes with a property chain — a sale falling through. This can occur for any number of reasons, but if it does, it can be truly heartbreaking. You may have everything ready to move, all your paperwork in order, then out of the blue your buyer pulls out of the sale. This puts you back where you started, and you’ll have to begin the search for another interested party and go through all of the same steps again. A sale falling through costs you time and money as you will need to pay more in solicitor fees as well as other aspects, such as an RICS survey.
Are you looking for a hassle-free, quick way to sell your property and avoid the potential hazards of a property chain? Get in touch today to discuss your needs with our experts and find out how we can help.