Page 13 - January 2024

EXPERT ADVICE

What happens in a property chain?

Lyndsey Beckwith, Head of Estate Agency at Ralph Sayer, details what
happens when you find yourself in a chain of buyers and sellers.

or a long time, chains were not really an property onto the market within a week, and
issue in Scotland. However, this has since there will usually be a four-week review period.
F changed and they are quite common You won’t necessarily lose your purchase if you
now; they arise as a lot of sellers are nervous haven’t sold your property by the end of the
about selling their current home before fourth week, but it acts as an opportunity to
securing an onward purchase, meaning they review the purchase and make sure the seller
offer on properties ‘subject to sale’. The chain is satisfied that everything is being done to try
can lengthen if that seller then goes on to and secure a sale.
accept an offer that’s subject to sale, and so on.
If there are multiple sellers and buyers in the
If you offer subject to sale, the selling agent chain, communication and updates between
will consider what you are selling – for all parties is key. Solicitor estate agents are
instance, is it a property they feel will sell well therefore ideally placed to deal with chains, as
in the current market? They’ll also look at they can handle both the estate agency and
which agent you are using, to ascertain if it’s a legal work for a client, and therefore will have
proactive agent who will work hard to sell the an understanding of what is happening at every
property, before advising their client whether stage of the process.
to go down the route of entering into a chain
by accepting your offer. Whilst chains can sound daunting, if handled
correctly by all parties involved the whole chain
If you do have your offer accepted subject to should be able to move on smoothly, meaning
sale, you will generally need to get your current you will all be settled in your new dream homes.

For more from Ralph Sayer, visit ralphsayer.com or call the office on 0131 225 5567.

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