Apr 10
14
Property Chain
From – PropertyNOOB
Very interesting article and further guidance on how to cope with ‘chain’ issues and how to resolve it or not fall into.
You may notice the phrase ‘no onward chain‘ in some property advertisement. What does ‘chain‘ in this context mean?
What is a chain?
A property chain is a line of buyers and sellers who are all simultaneously involved in linked property transactions. When one falls through the whole chain breaks and all the transactions will be held up or could possibly fail completely.
What is an example of a broken chain?
For instance, you are buying a property A, and waiting for the seller to complete his purchase of another property B. For some reason, the vendor of Property A’s mortgage was not approved, and the deal falls through. This may mean you have to pull out of the purchase Property A. As well as causing considerable stress and strain, property chains can cause financial headache.
Read more HERE
