A property chain is created when there are multiple transactions that are related and all need to occur at the same time for each sale and purchase to conclude.
If you already own a property, it is likely that you will need to sell your current property in order to be able to purchase your new property. If the person buying your property also has a property to sell, this will add another link to the chain. If however, you are a first-time buyer you won’t need to sell in order to move, which arguably will make you an easier buyer to work with from a seller’s point of view.
The longer the chain the greater the chance of one element of the chain not doing what they promise and as a result, this will break the chain and potential stop all of the buyers and sellers in the chain concluding their sales and purchases.
There are many reasons for a chain to collapse but they include:
It is often difficult to avoid a chain but good communication is often the key to limiting the risk of a problem.
Other steps you can consider are:
Property for sale
Property for rent
New build properties
Commercial property to let
Commercial property for sale