“We’re in a chain.” It’s one of those property phrases everyone has heard and nods along to. If you’ve bought or sold before, you’ll know a chain can either be the smoothest part of a move or the one thing that keeps you up at night!
Here’s what it really means, in plain English.
What a chain actually is
A chain is simply the string of linked buyers and sellers whose moves all depend on one another. You might be selling your home and buying your next one. You need your buyer to proceed, so you can proceed. They in turn might be relying on someone selling to them. And so on, up and down the line.
Often. Nobody can actually move until everyone is ready.
How long do chains tend to be?
In 1066 Country, a typical chain is three to four parties. A first-time buyer at the bottom, a few people moving up or sideways in the middle, and sometimes a cash buyer or empty property at the top.
Chains of five or six aren’t unusual either, particularly when the market has been a little quieter and homes have taken a touch longer to sell.
What life in a chain actually looks like
Day to day, a chain is mostly lots of waiting, punctuated by occasional small updates such as a solicitor’s enquiry being answered, a mortgage offer coming through, or perhaps a search returning from the council.
Your agent (if they’re any good) will be checking in up and down the line regularly, so you don’t have to. You’ll usually hear from them when something moves, or when it’s worth preparing for the next step.
As strong as its weakest link
This is where chains sometimes get their bad name. If one buyer near the bottom pulls out, or one lender takes an extra three weeks to issue an offer, everyone above them is on hold.
The vast majority of chains do complete. But the slowest party sets the pace, which is why a good agent keeps gentle pressure on every link, not just their own.
How to help your part run smoothly
Appoint a proactive solicitor early. Get your ID and proof-of-funds paperwork together before you’re asked for it. Reply quickly when your solicitor needs something back. And be realistic with your timings, remembering that chains move at the speed of the slowest step, so a little flexibility goes a very long way.
Where we come in
A big part of what we do between offer agreed and completion is sales progression. Weekly updates up and down the line. Catching problems before they become delays. Keeping everyone talking to everyone else.
In fact, we think that this is where we really shine. Getting an offer is just one part of our job. Helping it progress is what separates an average agent from a great one.
A chain isn’t something to be afraid of. It’s something to understand and manage properly, whoever is holding the strings.
If you’re buying or selling anywhere from Bexhill to Rye and would like a calm chat about how a move might look from your end, we’d be very glad to help.
