A property chain occurs when multiple buyers and sellers are interlinked in a sequence of related property sales. If just one link in the chain falls through, it can jeopardise all the other sales too. This leaves many buyers feeling anxious and powerless. Here are some tips to help reduce stress when stuck in a long property chain.
Communicate Regularly with Your Estate Agent
Your estate agent is managing the different parties involved in the chain. Establish regular contact with them to get updates on the progress of the other sales. Ask them to notify you immediately if there are any issues that could cause delays. Staying informed can give you some peace of mind that things are ticking along. Having an approachable and proactive estate agent who is on top of the process can make a big difference in reducing stress.
Be Flexible with Your Moving Timeline
When part of a longer chain, try to avoid setting a rigid moving date, as this is likely to change. Build in some flexibility around when you need to complete your purchase and be prepared to move earlier or later if required. Accept that you cannot fully control the timeline and may need to be adaptable. Making arrangements like using short-term rental accommodation or applying for a bridging loan to avoid losing your dream property can help relieve time pressures. Bridging loans UK for quick property finance bridge the gap when there are delays. There are different types, including commercial bridging loans.
Avoid Making Any Major Financial Decisions
As frustrations grow, some buyers are tempted to pull out of the chain altogether and put in offers on other properties instead. However, this risks losing you money and wasting time viewing other homes that may also end up in chains. Avoid making any big financial decisions in the heat of the moment and try to stick it out if you can. Patience really is a virtue when it comes to property chains.
Distract Yourself During Waiting Periods
There can be lots of frustrating gaps while waiting for progress updates from solicitors or other buyers and sellers. Rather than obsessing over the delays, try to distract yourself with work, hobbies or social events. The time will pass far quicker if you’re occupied. Stay busy and before you know it, you’ll be getting the call to say contracts have been exchanged.
Expect Some Bumps in the Road
It’s highly unlikely that a lengthy property chain will go totally smoothly. Mentally prepare yourself that there will probably be some bumps in the road, whether it’s a mortgage falling through or a survey revealing unexpected issues. Approach the process with an attitude of expecting the unexpected. Staying calm and collected in the face of any setbacks will help reduce anxiety.
Buying a home is always a marathon, not a sprint. When part of a property chain, it requires even more resilience and patience. Staying as stress-free as possible amid all of the twists and turns will make a big difference to your mental wellbeing during this turbulent time. With the right strategies, you can reduce anxiety and demonstrate the fortitude needed to make it through to a successful completion day.
