Getting stuck in a chain when you try to buy or sell a house can be stressful, and has the potential to cause a number of delays for everybody involved. Chains can range from just a few people to several properties. When you account for the agents, conveyancers and other individuals that are also involved in the process it is easy to see how important it is to manage the chain and keep it as short as possible.
Managing chains is one of the most complicated parts of the whole property investment process, largely because the buyer can find themselves waiting for the seller to finalise their own purchase and people even further down to the handle their business. Even small delays at one end can cause huge problems once they reach the other.
There are several things you can do to both navigate and manage the chain. The most important thing is to gather as much information as you can before you get involved; make sure you ask the seller what their situation is and take into account likely delays. Knowing where everybody is in terms of progress is essential and will help you to understand what you are getting into.
One thing to remember is to keep lines of communication open with the seller or buyer and every other person involved in the sale. You shouldn’t feel bad about contacting people regularly to check progress and make sure things are moving forward; being a little bit bossy is prudent in this situation.
A number of delays can be caused as a result of the surveys you need to have done on the property. Each will take time, both to conduct and for reports to be written and returned to you. On top of this there may be additional delays while repair work is done. To keep the chain moving you can take on the work yourself and negotiate for a reduction in the sale price to account for it.
If you’re selling a property, you should try to ensure you can make it available quickly to prevent delays. You should only take the property off the market when there is a commitment to purchase that can be proven by a mortgage agreement.
With both property investment and selling, you should create a schedule and have dates set for different stages of the process. This helps to set out the requirements and ensure that things move at a suitable pace. Account for potential delays and leave some room so that if they happen they don’t cause extensive problems.
If you need any advice on property investment in Croydon, or any other area of London, we can provide all the help you require. Contact us for further information.