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Chain Breaking ! !

Chain breaking

Most people sell AND buy simultaneously rather than having a gap and being homeless for a period.


This is because they need the sale proceeds to buy the purchase property and to comply with mortgage terms requiring repayment of the existing mortgage debt.


If you can break the chain and complete your sale, or purchase, without the other then that is great but there are dangers.

If you do NOT exchange BOTH sale and purchase at the same time then one is not legally binding and could fall through.



The dangers include:


• You being homeless as you sold, but your purchase fell through.


• You purchased without selling and are now committed to paying two mortgages at the same time and indefinitely.



Nothing is set in stone until exchanged. Only then is the completion date binding.


Are you sure you want to chain break?


Do you have an alternative address?


Finding another property to buy could take a long time and even then completion could be months off.




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