How to Handle Property Chain Uncertainty

Property chain uncertainty is nothing new. It's as old as the housing market itself and an unfortunate product of the way the UK housing market works. The deal isn't done until contracts have been exchanged, which often isn't until about 8 weeks after the sale was originally agreed. Chains can come under pressure for various reasons, such as issues raised in the survey, one party having second thoughts or a change in circumstances (for example, divorce or bereavement).

The best strategy to keep your chain moving is to use an experienced agent (now is not the time to be taking the do-it-yourself route or relying on a chancer who is new to the game).

A good agent will have coaxed hundreds of chains over the line in good times and challenging ones, using the benefit of their many years of experience. They will:

• Communicate with the right people to keep the sale moving forward. Given the current mood in the market, you must know where everyone stands. Radio silence is never a good thing.
• Think laterally and makes constructive suggestions to help overcome issues slowing down the transaction.
• Be a a savvy negotiator. 
• Won't shy away from difficult conversations and be able to speak candidly.
• Put you in touch with a quality, communicative and proactive solicitor and work closely with them throughout.
• Have a back-up plan if things change.

Don’t panic

One of the most frustrating things about being part of a chain is that you’re relying on other people – over whom you have little influence – to get their act together.

The best way through is to focus on what is within your control. As well as choosing a good agent, it’s important to:

• Be organised. If you’re asked to provide information or paperwork, reply promptly.
• Have realistic expectations.
• Stay level-headed.

Here at R Whitley & Co, we are always doing everything we can to keep sales going through. If you need advice or feel worried about your situation, get in touch. We’d be happy to speak with you.