Many property transactions form part of a chain of related sales. Of course a chain is only as strong as its weakest link and, as a national statistic, unfortunately one in every three chains will fall apart, often at the eleventh hour. This happens for a variety of reasons from one party’s mortgage glitch to an unpleasant surprise in another’s survey or title enquiries.
However, the most common factors affecting a chain breaking down is simply that the opportunity for one party or another to pull out on a whim exists, and often extends to several weeks under the current property buying system in the UK. “Buyer remorse” is a recognised syndrome, where buyers worry that they might not have made the right decision and their commitment wavers. Without any form of pre-contract commitment, the problem is likely to be with us for some time.
Well-trained estate agents are able to spot the signs of buyer remorse early on and minimise its effects. More importantly, we go to great lengths to ensure that a chain not only remains intact (often by our involvement several links away) but also that the time between finding a buyer and exchange of contracts is reduced to the absolute minimum. For example, we always help our clients compile a legal pack at the outset, before a buyer is even found. This can save weeks down the line, thereby reducing the window of opportunity for the sale to fall through.
Communication is the key, and we urge all our buyers and sellers to be as open with us as they can so that we can use our skills to facilitate a sale that is as swift, productive and hassle-free as possible.
Finding a buyer for your property is sometimes the easy part, but selecting an estate agent who will ensure the sale actually goes through is just as critical.
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