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When you buy a property the Vendor of that property will most likely buy another property and somebody may be purchasing your house. This is what is called a chain. You are in the middle and should anyone decide not to go ahead with the sale of a house then the chains breaks. The greatest heartache for most home movers is always 'the chain' and
its instability. The greatest problem with chains is that they are just
a line of promises. The people involved are not legally bound to the sale
until the contracts have been exchanged. What happens if the chain breaks? A common reason for a chain collapsing is that people pull out because they have found something else similar, but cheaper or nicer, legally there is nothing that you can do. Not all is lost it may just mean a delay until another buyer steps in and the sale of all properties in the chain can continue with the sale. What action can you take to minimise the risk? Chains often fall apart purely because several of the people in it (usually
including the first-time buyer) have simply not done their paperwork and
are not ready to move. Others in the chain find it hard to adjust to allow
for the extra time needed and so, again, the chain collapses.
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