It lurks in the attic of your mind, at least some of the nail-biting time when buying or selling property, what to do should a property chain break. The process, compared to England, is a little different in Scotland, in that once the missives are concluded, it’s a legally binding contract. But getting to that point can still be filled with dozens of bouts of doubt, stretches of radio silence when it feels like the cogs have all but rusted up. Not to mention those endless discussions about tiny details, like wall lights, to bigger issues like move-in dates batted back and forth.
Here’s the Dumfries Self Storage guide to what to do when a property chain breaks. Unless you’re born under an incredibly lucky star, you’re probably going to find that you encounter at least a wee bit of turbulence when buying and selling a house or flat in Scotland.
If you’re in the middle of it right now, you’ve probably got a mountain of stories to right up to your chin to chew over from friends and colleagues and family members recounting their nightmares or second-hand ones starring that poor old Jim and Sheila at Number 42.
How do property chains work in Scotland?
Your buyer must sell their property before they buy yours, and so on and so forth, but before the missives are all pulled together, things can still fall apart. So, you’re still in a pretty precarious position until this happens.
Why do property chains break?
All we’ll say is that by its very nature, it was never going to be an entirely smooth process, and yet you can mitigate against stress by taking these few practical steps. Self storage is something you might wish to consider to keep your stress levels down.
Anything can happen to cause a break in the chain, such as a major transformative life event or a shift in circumstances that nobody could’ve foreseen, but in general, there are a few stalwart reasons.
Hey, big lender
A mortgage lender may want chapter and verse and to have faith in the property you’re buying – that it’s a good deal and worth the risk.
For example, someone could have converted one bedroom in a two-bedroom property into a bathroom so that it’s no longer downstairs and fitted an attic room that passed building regs at the time, but is now not considered a habitable space for a mortgage of that amount.
So many variables, and that’s why each case is decided on its own merit, and this type of scrutiny can drag on.
It’s this type of wrangle that can cause a lender to get cold feet and pull the plug.
Cold feet
Speaking of cold feet, the buyer themselves can just get an attack of exactly that. And ‘just because’ is as good a reason as any, which is cold comfort for all those in the chain this affects. But there you have it, and as far as we understand, they’re under no obligation to give anybody a reason as to why they’ve pulled out of the deal.
Survey curvey balls
Surveys, while necessary, can also throw spanners in the works by spotlighting surprise findings that don’t meet the buyers’ expectations. It might throw light on some outstanding works that can’t wait. Even if they can, it’s enough to put some buyers right off.
The potential buyer may simply be unable to afford or be bothered with it. That’s why the outcome of surveys and home reports is often such a tense time when you can hear nerves jangling three streets away.
When your brief is not so brief
Solicitors doing their due diligence can take time. It can be very off-putting, particularly to sellers, if the buyer’s solicitor seems to want more and more information on which work was done when and which guarantees are in place for this and that, or regarding solar panels, for example, and which deals and agreements etc are in place.
Not all sellers can lay their hands on all the materials that are being demanded by the buyer’s solicitor, or promptly, and this can likewise shake the sale to its very foundations.
And sadly, gazumping can still and does happen in Scotland, despite the safeguards. This is when a buyer accepts a higher offer than yours and then gives you the cold shoulder.
Your first steps if a property chain breaks
Chains can be repaired before they snap irrevocably, that’s the first takeaway here. Remain calm and don’t under any circumstances attempt to contact the offending link in the chain in person. It’s always best to go through your solicitor, as sometimes dates can shift, or another buyer can be found, through measured and calm negotiation.
The estate agent, if they’re good, can also play an integral role here, as they often have more of a personal relationship with buyers and sellers than maybe solicitors have time for.
A little come and go, and elbowing egos out of the equation can also work wonders.
Bridge the gap with Dumfries Self Storage
If things do fall through for you but your buyer needs to move in and you don’t wish to lose the sale even though it’s going to render you homeless, for example, and you’re wondering what on earth to do with all your belongings, bringing them to us is a huge weight off your mind.
It might be that you have to find temporary accommodation far smaller than you’re used to or stay with relatives for a while. Either way, self storage is the ideal interim fix.
This will help declutter your mind at what can be a time of high stress, so that you clear the decks and address the matter at hand, rather than scatter your energies all over the shop.
Then you can concentrate all your energies on the next steps, as well as save some money rather than renting a huge place.
Renting before buying
For some, renting before buying is the only option open when a property chain collapses, and while the thought of a double move might send your heart packing down to your boots, it may actually work to your advantage in the long run. Sellers tend to gravitate toward a chain-free offer, so this may buy you more power when it comes to securing your next home.
Many people in this set of circumstances find themselves with a storage unit, meaning they don’t have to go to town on renting or cram it all in and risk damaging furniture and other possessions.
You can store bulky items with us, no problem.
A chance to declutter
A broken chain can also give you more time to declutter and not bog yourself down in your new home with stuff that, frankly, you’d clean forgot about or haven’t even looked at in years. You might decide to sell, donate, recycle, or even pop it into our safe custody if you simply can’t bear to let it go, or don’t wish to think about such things at the moment.
A deal to suit you
Nobody wants to think about this happening, but it’s a sad reality for some. While it’s perhaps rarer in Scotland than in England, Wales and Northern Ireland (although there are no official figures), it can still loom large at a time when all you want is for things to run smoothly.
At Dumfries Self Storage, we’re used to dealing with customers on the move and tailoring storage solutions to fit, so if you are in the midst of despair, don’t sail further into the doldrums. Give our friendly team a call instead.
We also now offer Container Storage!