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There are many different variables when it comes to moving home. The price. The location. The property type. Even the number of bedrooms. However, perhaps one of the most unpredictable variables when buying a new home is the length of time it can take due to a chain. There are many parts to a moving process. So, if your question right now is how long does it take to move house with a chain? then you’re on the right page.
A ‘property chain’ is standard when buying a new home. There is a high probability that you could become part of one when purchasing your next property. In a property chain, each part relies on another buyer/seller elsewhere. Most homeowners need the sale of their current home to put down a deposit for their next property. As this can slow down a chain and the sale of other properties.
First-time buyers are typically chain-free unless they are in a circumstance where they have inherited a property. This is so since they are looking to buy their first property rather than sell one. Speaking of selling, you can now look forward to Local Removals Epping services offered by our team of specialists. When the time comes for you to move your belongings, you can rely on us.
For those of you who feel weighed down with the question of how long does it take to move house with a chain?, can understand this process through this blog. The average length of a property chain and the length of time for how long it takes to move house with a chain, can vary. This would depend on the conditions of the property market. At the time of writing, property portal Rightmove suggests that, on average, it takes 150 days to complete a new home. Since the COVID-19 pandemic, a backlog in conveyancing has gradually built up. As a result, it has introduced several delays across property chains for hopeful home buyers.
The duration of time to complete without a chain is much shorter but still subjected to delays in conveyancing. Property chains can, frustratingly, be broken by other parties involved. It can add further delays to your estimated completion date. When looking to buy a property, it is always best to consider the implications buying in a chain may have. Also, view any dates that you may have to move by. There can be many transactions to consider in a property chain. Also, every transaction will have to be completed simultaneously to ensure solicitors correctly process funds.
Every property is unique, which means so is the sales process. There is no definitive answer to how long the length of a house chain is or will last. If the property market is experiencing high levels of activity, then there will be more buyers and sellers looking to move. That can increase the length of a chain from one or two properties to potentially even higher prices. It would thus increase the total amount of time on how long it takes to move house with a chain.
If there is a downturn in market activity, the length of a house chain will usually be significantly shorter, with fewer buyers and sellers involved. Property chains can vary from one to two sellers. But, it is equally not unheard of for there to be anywhere up to or beyond eight sellers in a house chain. When carrying out your initial viewings, it is always worth enquiring with the seller/estate agent about the sale. At the same time, check up on the reliance on a chain, and the length of the chain so far.
Exchanging contracts is one of the most exciting parts of the property buying process. It is the process in which both the buyer and seller sign identical contracts to make the sale legally binding. As expected, the time it takes to exchange contracts in a chain depends on the size of the chain involved. However, this occurs seven to 28 days before the completion date. The completion is generally assigned to midday on a weekday. However, in rare circumstances, same-day completion is also possible.
If you are in a chain and someone further along, is yet to find a buyer, you may find yourself waiting longer between exchanging and completing. As a result, you need to be wary of how long you have on your mortgage offer. A mortgage offer is usually only valid for six months, which can surpass the time required for someone else in the chain to find a buyer on occasion.
The exchanging of contracts can be delayed due to several reasons in a chain, including:
The size of a property chain can be the most significant delay when it comes to exchanging contracts. There can be a delay in the exchange of contracts even if you are a first-time buyer who is moving swiftly with the process. This can occur until every party in a chain has found a buyer for their current property. if you move house with a chain, you should prepare to draw out the process. Consequently, if you are curious to get your hands on a list of removal companies in Epping, then do check out the blog on our site.
This is a question that only you can answer. There are a couple of factors to look into. These would depend on how quickly you want to move and whether or not your heart is set on a particular property. Buying a new-build property is a standard method of being free from a property chain, as you will only be waiting on construction timelines from a property developer as opposed to other parties. It will also mean that you are the first owners and occupiers of that property. Being part of a chain is just one of the many questions you should ask the estate agent or vendor selling the property you happen to be looking at. However, when the time to move comes, you can book our Packing Services Removals Epping team to sort it out for you.