A broken property chain can be the
ultimate nightmare scenario when you are looking to relocate. But even when a
chain break scenario does not halt your plans entirely, a stationary or
slow-moving property chain can be almost as bad.
Moving to a new home can be stressful
at the best of times. Throughout every step of the process, you are painfully
aware of the fact that your destiny is almost entirely in the hands of others.
If you cannot quickly find a buyer for
your current home and they cannot find a buyer for their home (and so on), the
whole thing grinds to a halt.
Worse still, the longer and more
complex a property chain is, the higher the likelihood of a broken link.
Unfortunately, one broken link is all it takes for the entire thing to come
crashing down for everyone involved.
Thankfully, there are options
available for those looking to break out of a stationary property chain
entirely. Specifically, there are three things you can do to keep things moving
and reduce the risk of watching your dream home slip through your fingertips:
1.
Use a bridging loan to buy your next home
If you are yet to find a suitable
buyer for your current home but have complete confidence in its market
potential, why not use a bridging loan to buy your next home? Bridging loans are specialist
short-term secured loans, which can be organised and accessed within a few working
days.
It works a little like a mortgage,
only significantly faster and nowhere near as expensive. You take out a loan
against your current property, you use the funds to buy your next home and you
repay the loan when your previous property sells. Monthly interest can be as
low as 0.5%, adding up to outstanding value for money when repaid promptly.
2.
Sell your home and rent temporarily
It could also be that you have found a
suitable buyer for your current home, but are yet to find the home of your
dreams to move into. In which case, the best option could be to accept the bid
on your current home, complete the transaction and move temporarily into a
rental property.
This will ensure you avoid the risk of
the offer of your home being withdrawn, and no equal or better offer being
placed at a later date. It also gives you all the time you need to focus on
finding your next home, with no need to rush.
3.
Consult with an independent broker
The specifics of your current
financial circumstances combined with your main priorities could pave the way
for a long list of options to explore.
This is where the help and support of an experienced independent broker
could prove invaluable.