The Property Chain
The dreaded property chain. It’s likely you’ve heard this phrase used when it comes to buying and selling and unless you’re a first-time buyer, at some point, you’ll enter a chain. You’ll have a property to sell, a property to buy, and chances are the seller of the home you’re buying will be in the same position. The length of the chain can quickly add up.
In England, it’s unfortunately common for chains to collapse but thankfully here in Scotland, it’s rarer as your offer is legally binding once accepted. So whilst you can sleep easy knowing it’s extremely hard to break a chain here in Scotland, it can still put sellers off. And in a buoyant Scottish property market, where it’s most definitely a seller’s market, it pays to make yourself as attractive a buyer as possible. That includes trying to be as chain-free or as ready to move as possible.
Have your finances in order (mortgage, mortgage valuation)
Moving home is expensive and costs build up so it’s important to have your finances in order before committing to anything.
Sort out your mortgage prior to making an offer so you look like a serious buyer; if there are multiple offers on a property, the buyers’ solicitors will take this into account when helping advise on the best offer to accept.
It’s always recommended to appoint an independent Mortgage Advisor, who can access a wide range of lending products, to get the best mortgage for you. Crucially, you’ll know what your maximum borrow limit is and the affordability so you can make an informed decision when putting an offer in.
Have your house in order. Literally.
The best position as a purchaser is to be chain free, or as close to it as possible. Therefore, if you can sell first before buying, it will put you in a more favourable position. It will also help avoid any overspending and underselling.
If you can’t do this, try to be as organised as possible to sell your home fast. We have a whole article dedicated to quick sale tips but one of the key things you’ll need to do is commission a Home Report as soon as possible. Anyone selling a property in Scotland must have a Scottish Home Report ready and available to potential buyers before the property goes on the market. This crucial pack provides information about the condition and value of the property.
Here at the Home Report Company, we have offices across Scotlandand our highly experienced Chartered Surveyors, all regulated by the RICS, are available 7 days a week.
Do Your Due Diligence
When you’ve found a property you’re keen to offer on, do your due diligence first. Read the Home Report thoroughly as this is a crucial tool to spotting any potential issues as well as planning ahead.
The valuation of the property in the Single Survey will provide the benchmark for knowing what to offer as this value will frame the seller’s expectations. Also within the Single Survey is the detailed report on the condition and value of a home — the purpose of this is to provide both the buyer and
Originally published at https://www.homereportcompany.co.uk on November 30, 2021.
