Property Chain. The term gets thrown around a lot during the buying and selling process, but what does it really mean?
What exactly is a Property Chain?
A property chain occurs when a number of buyers and sellers are linked together by their home moves. Each buyer or seller is a ‘link’ in the chain, from the first buyer right the way through to final seller, and – the important bit – each depends upon the next for their transaction to be successful.
The length of the chain is determined by how many of those buyers rely on the sale of their home in order to complete their purchase.
The buyer at the beginning or bottom of the chain won’t have a property to sell e.g a first time buyer. The seller at the end or top of the chain won’t be buying a new property, and so the chain ends with them. That’s what we mean when you see ‘Sold with No Onward Chain’ on a property listing.
Everyone in between will be, for better or worse, dependent on those above AND below them in the chain. The average length of a property chain can vary anywhere from 3 properties right up to 10+ properties, and according to research from Which, around one in three chains break.
Remember, each of those links also represent a team of people who are working towards completing their sale; estate agents, mortgage providers, solicitors and surveyors can all impact the Property Chain as much as the buyers and sellers. Add in outside factors and unforeseen life events, and it’s easy to see how chains can become delayed or, in the worst case, fall apart.
Not all property sales involve a chain, sometimes a sale can be Chain Free, such as a first time buyer or someone looking to purchase a second home or a buy-to-let investment, who then buys a home with no onward chain. However the vast majority of sales will be part of a chain.
How does a good estate agent help?
This might all sound incredibly stressful and uncertain, but you’re not alone in this! As estate agents our #1 priority is doing everything in our power to ensure your sale or purchase proceeds as planned; we are quite literally invested in the outcome, as the time we put in is completely free until we get your sale across the finish line. We have years of experience of dealing with every kind of delay, request, concern and set-back, so we’re able to handle those things for you and let you know if there’s anything you need to worry about.
We always say “Selling is the easy part, that’s then the work really begins!”
Knowing where each party is at in terms of mortgages, moving schedules, and legalities; following up with people involved in the chain, be that other agents, surveyors, solicitors, sellers etc. is a big part of what we do, but as it all happens behind the scenes you might not even realise!
One of the big reasons chains break is down to poor communication between the different parties involved. Good agents keep their clients and everyone else updated as much as possible.
Of course, there are circumstances beyond anyone’s control where the chain collapses, and we’d be lying if we said every chain is salvageable. Despite everyone’s best efforts things can and sometimes do happen. That can be hugely frustrating and upsetting, but even on those occasions they’re not alone, because we’ll work with them on a Plan B as quickly as possible.
It comes down to this; by having an agent on your side who is organised, proactive, and communicates well, you reduce the risk of fall-throughs. It is, quite literally, what we’re here for!
To discover more about how we expertly handle the home-selling process for our clients, contact us today.
How can Dylan Davies help you?
If you have a property to sell we would love to hear from you. Get in touch to arrange your no obligation property appraisal, or take a look at our free instant online valuation tool for an idea of what your property might be worth. On the other hand if you're looking to buy please make sure you register your interest early, plus keep an eye on our Facebook and Instagram stories for sneak peeks of the properties we have coming to market soon!
Postcode areas we now cover;
CF15, CF37, CF38, CF39, CF44, CF45, CF72
Posted on: 27 May 2022
