Lucy Cromwell has many years of experience working in property management and shares her insight and tips on successful moving as part of a chain.
Unsurprisingly, moving as part of a chain can take longer than if you are not in a chain. This is because you have to rely on everybody else to have their mortgages arranged, solicitors sorted, and be ready to move.
Get your mortgage in place
If you are buying a house, you will more often than not need a mortgage with which to do so. There is no point in seeing what the property market has to offer, booking house viewings and putting in offers until you know how much you have available to spend.
One area that banks will always consider when assessing a mortgage is how stable your income is. With 7.5m people being assisted by the government furlough scheme, mortgage lenders have had to re-evaluate how they are assessing this form of income.
Mortgage options may also rely on you selling your own house, and the amount of equity available in that, to determine the size of your deposit. Enlisting a mortgage broker is a good option to ensure you are getting the right deal for your circumstances, as they have access to a variety of different products from a selection of lenders and can find what best suits you.
Sometimes, it is necessary to get a high-interest, short-term bridging loan if you need to move quickly – particularly if the upper end of your chain is putting on pressures to complete - and your own house sale is taking too long.
Traditionally, this course of action would not be recommended, but it is becoming more common and offers a handy solution when time is of the essence.
The time it takes to complete paperwork
Having an efficient conveyancing solicitor is vital, as delays in the process are often due to documents not being signed or solicitors dragging their feet, rather than anything you or your fellow house buyers/sellers have done.
It is sensible to keep in touch with your solicitor on a regular basis, asking for updates and just keeping yourself at the forefront of their minds. You may need your solicitor to chase other solicitors for information to keep the proceedings moving smoothly, and a good relationship all helps with that.
Broken chains and other pitfalls
You also need to be aware that if one house sale falls through, for whatever reason, the whole chain is broken meaning you could be waiting even longer, or the process may fall apart completely and you may be left needing to find a new house to buy and/or a new buyer for yours. This is very frustrating but is a common pitfall when moving as part of a long chain.
Having a full structural survey done early on means you are in a better position to know the exact state of repair of your proposed new home, so you won’t be left with any nasty surprises later on in the transaction.
If you think there are any issues with your current home, it also makes sense to be open and honest about them and not hide them away, as this could again lengthen the process as and when your new buyers find out about them.
Ensure you aren’t the weak link in the chain
There are so many things to think about when moving house, but one of the items you can tick off your list quite early is getting your moving van sorted and letting them know of any additional services you require. For example:
Is it a top-floor flat with no lift?
Do you need packing materials?
Will you want them to pack your belongings?
Will you need them to rebuild furniture at the other end?
You should have a rough idea of a likely completion date – generally, around three months after your offer is accepted – so it is worth booking a moving van for around that date. You can always change the date when it is eventually confirmed, but getting yourself in with a moving company early is preferable to trying to book someone last minute.
Make sure you have all your paperwork available in advance. For example, mortgage lenders will want to see payslips and proof of ID, so take these along to your mortgage broker for them to take copies at your first meeting.
Keep an eye on your post and emails (especially your spam folder) as you don’t want to be responsible for delays because you didn’t see a document you needed to sign. Solicitors are unlikely to chase you, so you need to be on the ball yourself.
Final thoughts
Moving house is widely known to be one of the most stressful things you can do, but don’t let it get to you. Employing the tips above, staying in touch at all stages of the operation, and keeping a calm head will all contribute to making it as pain-free as possible.
Remember, you can’t be responsible for other people in your chain, but you can do your best to guard against you being the reason it is delayed.
