Buyers offered tips on avoiding chain collapses
Tue 29th Jan, 17:14:56 GMT
Doing research is helpful way for buyers to avoid becoming involved in frustrating broken property chains, it has been suggested.
If a seller or buyer somewhere in a chain is forced to withdraw their involvement in a deal, it can have massive repercussions for many people, who may then have to make alternative arrangements or face the prospect of losing the home they wanted.
James Molloy, product manager for AA Legal Services, said that while being involved in a chain that collapses "can be heartbreaking", it is not a good idea to try and push a deal through quickly in order to reduce the chances of the deal going badly.
"Purchases rushed through to protect the chain can have devastating results," he explained, pointing out that people could miss key issues such as development plans for nearby land in their haste to buy.
Instead, Mr Molloy suggested people should look at a broad range of issues before they join a chain, including how long it is and the circumstances of each person in it, particularly the vendor at the head of it.
If a seller or buyer somewhere in a chain is forced to withdraw their involvement in a deal, it can have massive repercussions for many people, who may then have to make alternative arrangements or face the prospect of losing the home they wanted.
James Molloy, product manager for AA Legal Services, said that while being involved in a chain that collapses "can be heartbreaking", it is not a good idea to try and push a deal through quickly in order to reduce the chances of the deal going badly.
"Purchases rushed through to protect the chain can have devastating results," he explained, pointing out that people could miss key issues such as development plans for nearby land in their haste to buy.
Instead, Mr Molloy suggested people should look at a broad range of issues before they join a chain, including how long it is and the circumstances of each person in it, particularly the vendor at the head of it.
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