If you’re planning moving home in Manchester, you’re likely to encounter various hurdles and challenges. These might range from delayed acceptance of your property offer to your application being stuck in the popeline of the buying process.
A property chain is a series of home sales that are interdependent, forming a ‘chain’ of transactions. If you are a first time buyer in Manchester, you start this chain, however, if you are selling a property, you form the final link. Basically, it is akin to a real chain connecting houses. For a buyer to move in, they need to wait for their seller to vacate first, which is essentially the same situation you’re in. Depending on the complexity of the property chain, it can be an extensive and intricate process.
The duration is subjective to your specific situation – it is intertwined with the status of your seller’s seller (complicated… we know). Alternatively, you could be oblivious to being part of a property chain and everything could proceed like clockwork.
The ideal scenario is a fast and hassle-free moving home process. If that is not in your cards, you could be caught in a holding pattern. Being a mortgage broker in Manchester, we advise home buyers to set aside a minimum of six months for the entire exercise. This leaves you with ample time to find your dream abode and provides a buffer for potential hiccups, especially if you’re enmeshed in a property chain.
Regrettably, if a link in your property chain collapses, the entire subsequent chain could crumble too. If your link breaks, acting swiftly could save the entire chain. If you’re selling, immediately inform potential buyers through your realty agent to pre-empt any delay.
While you cannot predict everything, there are contingency plans for a break in the chain. You can opt for chain-free properties, temporarily rent after selling your property or invest in a new property under construction. For comprehensive relocating home mortgage advice in Manchester, reach out to our expert mortgage advisors in Manchester.
A property chain can break for many different reasons. It could happen at your’s, your seller’s or even your buyer’s level:
These are just a few examples, there are many more reasons. Depending on the length of the property chain that you’re in will depend on how drastically these situations impact your ability to move home.
It’s tough to sidestep a property chain during peak buying months or when the market trends upwards like in January. Conduct a detailed market study, liaise with your real estate agent and manage your fiscal matters promptly – this aids in averting pitfalls later on. If you are successful in avoiding a property chain, your relocation process could progress unfettered, assuming your income and down payment checks out.
Allow our team of expert mortgage advisors in Manchester to navigate you through the process. You may book a free mortgage appointment. Embark on your relocation journey today and let us ensure a stress-free transition. We look forward to assisting you.
Date Last Edited: February 13, 2024