It is well documented that buying or selling a property is one of the most stressful processes anyone can go through in the UK. Fraught with frustrations, lack of control, bureaucracy and red tape that can seem entirely pointless at the time. Why is it so difficult? You want to sell your home, have found someone who would like to buy it, and agree on a price - sounds simple, doesn't it? So, what causes the problem?
Much of the frustration after you have found a buyer comes from the chain process. Each homeowner is linked to the next.
People relocate, meaning these chains span the length and breadth of the country. Each council district has different policies, workloads and timescales. Each buyer will require some form of financing, whether cash from investments or savings that need to be released or mortgage funds.
Each property will be surveyed, and legal paperwork will be drawn up and refined until each solicitor is happy. And it all must culminate in one single day. One day where every I is dotted, every T is crossed, and every homeowner is ready and available to move. The finances are then co-ordinated to move from the bank account of the solicitor at the very bottom of the chain all the way through to the property at the top - meaning that you are also reliant on the banking system, moving these funds quickly before you are given the keys for your new home. With so many moving parts (excuse the pun), it's not surprising that things can feel like they are not progressing.
One of the main factors that cause people to feel stressed when they're involved in a property chain is lack of control. You may have no way of knowing if the seller four houses up has applied for their mortgage. You may feel as if you don't know when or if you will be moving until quite the last minute, which can be very unsettling. So, what is the solution? How can you navigate a property chain to feel calm and relaxed throughout the process, making moving day that little bit more enjoyable.
This linked connection between buyers and sellers results in a reliance on each other. If one person pulls out, the whole chain collapses. If one buyer's mortgage is delayed, everyone is delayed. You are all linked, so there is, therefore, an element of teamwork involved.
- Communication is key. If the lack of information and uncertainty is a major source of stress, then better communication is the solution. When you, your buyers, and the people you're buying from keep each other informed about the progress, you can feel more confident in the transaction because you know what's happening.
- Proactive behaviour - You are each reliant on each other, so be proactive. If the solicitors have sent you a form to complete, get it done and return it quickly. If you need a survey or a mortgage, don't delay. Any time you spend procrastinating will have a knock-on effect on the rest of the chain. Property sales are already a lengthy process; you don't want to add on any unnecessary time. Otherwise, you run the risk that other parties may begin to question your commitment to the move. They may then start to lose confidence and look around for a backup property if this sale falls through. This loss of faith in the chain is the beginning of the end.
- Realistic timescales - Setting a moving date when your offer is accepted is tempting, but try to resist. Otherwise, you run the risk of disappointment and frustration when you don't meet the deadline. There could be unforeseen delays and issues that may arise that need to be resolved. Not to mention, the many connected parties in the chain need to coincide and be ready to move on the same day.
Estate agents are the linchpin of a property chain. They can keep things moving, keep everyone informed of progress, get updates from a solicitor and discuss issues with other estate agents in the chain. It is absolutely essential that you choose an agent from the outset of your moving journey who understands the property selling process and can hold everything together for you. You might think the solicitors will deal with this side of things, but the truth is that they can only do so much, dealing with the link in the chain directly connected to their client. They cannot speak to everyone involved, which falls to the agent. If you market your home with an agent who is excellent at selling the property but rubbish at the progression of the sale, you are setting yourself up for a fall. A good estate agent will not only market your property effectively but also manage the entire selling process, including negotiations, legalities, and communication with all parties involved.
Instead, make sure that your agent is fantastic at both the marketing and finding a buyer and the progression of the legal process to ensure you get to the point of completion. This is the goal, after all, moving day!
For information on how we can help you find the perfect buyer, at the best price and see it through to moving day, get in touch with our team today.
