When you buy or sell a property investment in Wandsworth or any other London borough, it is highly likely you’ll get caught in a chain and face delays whilst other parties get their business in order. Before you can complete your purchase, the owner will need to have the deal for their new home completed and be able to get moved in.
Similarly, when selling, you could face waiting while the buyer arranges the sale of their home and gets all of the finances in order. The chain can stretch to include several different buyers and sellers as well as all of the support personnel each of these require. However, there are ways to minimise your chances of getting into this situation.
The easiest way to avoid getting caught in a chain is to buy an empty property. This means you don’t need to wait for the owner to arrange a purchase and move out. With vacant properties you should be able to make faster progress and complete the deal sooner with fewer disruptions. Remember if you buy at an auction you’ll need to have a deposit handy and there could be some delays in getting the keys whilst everything is finalised.
Another option is to find a seller who is not stuck in a chain. If they don’t need to buy a new property or already have it arranged you can save a great deal of time and hassle. Many sellers will highlight there is no chain because it is a highly attractive proposition that buyers value. On your side of things you can make sure the sale of your property is completed as quickly as possible so you are ready to move.
Buying from a developer is a good way to avoid a chain because there will be far fewer individuals involved. The only disruptions will come during the actual building and these can’t be avoided. In some cases you can receive compensation for delays, especially if the build slips wildly from its schedule. Some developers will even accept your properties as part exchange so you don’t need to find a buyer yourself.
A final alternative as a buyer is to complete the sale of your property and choose temporary rented accommodation whilst you look for your next home. This saves you from problems at one end of the spectrum and will make your offer look more attractive with sellers because you don’t bring delays.
If you need help or assistance with any aspect of buying or selling a property investment in Wandsworth or any other part of the capital, contact us and find out how we can help you make sure the process goes in a smooth, stress free manner.