Moving to a new home requires a lot of things to come together at the same time. There’s the mortgage application to complete, the solicitor checks, the valuations, choosing fixtures and fittings, and planning for the actual move itself.
However one thing that everything hinges on is how fast several other sales are moving. After all, if you’re buying an existing property then your move will depend on when the seller can leave it – and potentially when your own buyer can complete on your current property.
It’s what’s called a property chain: a line of buyers and sellers all connected together and dependent on each other for their moves to go through. If someone a few steps ahead or behind you in the chain runs into a difficulty or delays for any reason, it can hold up everyone else’s sales.
That’s something that most movers have to deal with, and both new home developers and estate agents are experienced in encouraging the chain along. However, it can affect your own house purchase and may seem to be beyond your control.
A survey of home-movers carried out by consumer champion Which? showed that around 3 in 10 people have experienced a property purchase fall through, a sizable number of those being because their seller pulled out as the process was taking too long.
This can cost buyers almost £3,000 on average and, of course, can be heart-breaking to buyers who have seemingly found their dream home, only to then lose it.