Logo

What is a property chain and why does it matter?

PUBLISHED: 11:41 24 February 2020 | UPDATED: 12:03 24 February 2020

A chain is the process of more than two property transactions which are linked together. Picture: Getty Images

A chain is the process of more than two property transactions which are linked together. Picture: Getty Images

Vimvertigo

You’re Diana Ross, and you’re in the middle of a chain reaction. Contrary to the popular song produced by the Bee Gee’s in 1985, ‘a chain’ in the UK’s property market does not have such allure, says Jamie Minors.

Jamie Minors of Minors & Brady which has offices in Wroxham, Caister and Dereham. Picture: Minors & BradyJamie Minors of Minors & Brady which has offices in Wroxham, Caister and Dereham. Picture: Minors & Brady

A chain is the process of more than two property transactions which are linked together, where seller A buys seller B's, Seller B buys seller C's, and Seller C buys seller D's (and so on).

In basic terms, you are reliant on other house sales successfully passing mortgage, survey, searches and contract stages. They say moving is one of the most stressful things you can do in your life, and let me tell you it is largely down to chains. The uncertainty can cause problems, but when buying or selling, what you really need is a premium estate agent (and solicitor) handling the chain.

So what can an estate agent do to help limit stress and help with speed? At Minors & Brady, we check a buyer's financial position thoroughly, vet the buyer's circumstances and pre-agree expected completion dates throughout the chain.

Once a deal is agreed, we have four full-time after-sales consultants who don't 'sell', but instead handle over 100 property sales per month. Their role is to communicate between buyers, sellers, solicitors, mortgage brokers and everyone else involved in the chain - even if the sales are not ours.

Our team speak to the clients each week, essentially doing their chasing for them, ensuring paperwork is dropped off and keeping everyone updated. When problems arise, which they invariably do, we really are there to help you. We're often more expensive than other agents, but having us keep your emotions at bay, manage expectations and deal with, let's be honest the distressing part, is invaluable and worth paying the extra 0.25-0.5pc.

To put things into perspective, imagine you're selling a house and your buyer has had a poor survey. They're trying to call their 'after sales team' where their hold time this week was two and a half hours. What happens? Your buyer's nerves grow, and with nobody there to persuade them otherwise, they pull out and you lose your dream home. You're crying, the kids are crying and now Bertie your golden retriever won't get his dream garden either.

If you think hiring a professional is expensive, wait until you hire an amateur.

Looking to move home and want a personal moving experience? Contact my team on 01603 783088 or e-mail me at jamie@minorsandbrady.co.uk

This column is sponsored by Minors & Brady.


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Eastern Daily Press