Moving house should be exciting, but the dreaded “property chain” can bring everything crashing down! In The Telegraph, property guru Phil Spencer breaks down this tricky process, revealing the secrets to a smooth move and how to avoid disaster.

Chains: A Necessary Nightmare?

Unless you’re a first-time buyer or swimming in cash, you’ll likely find yourself tangled in a property chain. This means the success of your move depends on a whole string of other people buying and selling their homes – talk about pressure!

According to Phil, around a third of house sales collapse, often because these chains break down. So, how can you keep things moving and avoid becoming another statistic?

Knowledge is Power: Get Nosey!

Phil’s top tip? Don’t be shy about getting nosy! He recommends finding out as much as possible about the other people in your chain. While you can’t grill their solicitors directly, your estate agent can be your eyes and ears.

A good agent will regularly check in on each link in the chain, going beyond a simple status update. They’ll ask crucial questions like:

• What needs to happen next?
• Is any information missing?
• How are the surveys and valuations coming along?

By proactively addressing potential hiccups, you can keep the momentum going.

Signs of Trouble: Don’t Ignore the Red Flags!

Phil warns against ignoring red flags. Are people taking ages to return forms? Is communication going quiet? These could be signs of trouble brewing.

He encourages open communication throughout the chain. Share updates freely and be understanding – buying a house is stressful, and delays can happen.

Patience is a Virtue (and Essential for House Moves!)

Don’t expect things to happen overnight. Solicitors get busy, unexpected repairs crop up – these things take time. Phil advises against setting rigid deadlines, which often lead to disappointment. Instead, focus on open dialogue and realistic timeframes.

Try to give yourself as much breathing room as possible. If you’re starting a new job or school, factor in extra time in case of delays. Being prepared for bumps in the road can save you a lot of stress later on.

When to Think Twice Before You Chain

While most people have no choice but to join a chain, there are times when you should proceed with caution. Phil recommends thinking twice about chains of five or more – the longer the chain, the higher the risk of it breaking.

He recounts a story of a massive chain held together by a single determined buyer. When the buyer at the bottom pulled out at the last minute, the buyer at the top stepped in and bought their flat, saving the entire chain!

While this is an inspiring tale, don’t bet on it happening to you! Long chains are inherently risky and can leave you emotionally and financially invested in a property you may never own.

Alternatives to the Dreaded Chain

If the thought of a chain fills you with dread, Phil offers a few alternative strategies:

• Sell and Rent: This gives you flexibility and allows you to “try before you buy” in a new area. However, be mindful of market fluctuations and the costs associated with renting.
• Bridging Loan: While expensive, a bridging loan can make you a cash buyer, putting you in a stronger position. Just make sure you understand the costs involved before taking the plunge.

Keep the Champagne on Ice!

Ultimately, property chains are a part of the home-buying process. But, by staying informed, communicating openly, and being realistic about timelines, you can minimize the stress and increase your chances of a smooth and successful move.

And remember, as Phil says, “Keep the champagne on ice” – celebrate only when those keys are firmly in your hand!