Chain Breaking ! !

Updated: Aug 21

Most people sell and buy simultaneously and complete on the same day.

This is because they need the sale proceeds to buy the purchase property and to comply with mortgage terms to redeem the borrowers existing mortgage by sale.

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 & purchase at the same time then one is not legally binding and could fall through.

The dangers include:

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

  2. You purchased without selling and are now committed to paying two mortgages simultaneously 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 in the meantime?

Finding another property to buy could take months and even then completion could be up to 10 months off.

The current average time to completion is approx 5 months. That is an average so this could be quicker or longer.

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