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Broken Chain

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Broken Chain who foots the bill?

Unfortunately the system we have in the U.K if you’re in the process of buying a property and selling one at the same time but can’t complete on the one you are buying unless the one you own sells this is called a chain.

If somebody within the chain changes their mind or has a change of circumstance or pulls out, the chain will collapse. You are then left with costs you have incurred, survey costs and aborted solicitors fees.

More About Broken Chain

This isn’t uncommon and happens on a regular basis, there isn’t any way to recover your fees from the person you are buying from or selling to if they decide to change their minds which creates a broken chain.

There are insurances available to protect you from these costs but to take out this cover isn’t cheap. There are a few solicitors out there who offer a no sale no fee agreement so you won’t be stuck with abortive costs.

Broken Chain Continued

If you’re selling and the buyer drops out, keep solicitors and everyone in the chain informed while you search for another buyer. Consider lowering your asking price too, particularly if the price hovers near one of the Stamp Duty thresholds.

Find out why someone in the chain has pulled out – if it’s a money issue, it’s possible for everyone in the chain to agree to a reduced sale price. It’s a long shot, but it has been known to pay off in the past.

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    Here at Home House Buyers, we are a cash buying company so there aren’t any chain or stress to go with your sale, so you can sit back relax and wait for the sale to go through.

    Contact us on 0808 501 5566 or fill out our enquiry form for a free cash offer and fix that broken chain

    Fill out the form below and a representative will be in contact shortly. Alternatively call us on 08006121366 or email [email protected]

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