Chain-breaking refers to the chain of transactions that the sale of a property depends on. Statistics show that as much as a third of all property sales are unsuccessful as a direct result of chain-breaking.
Experts hold that there are at least 3 transactions – or links in the so-called property chain – that are integral to a successful property sale. If one of these transactions is unsuccessful, or if a link in the chain breaks, the entire sale falls through and the seller is left back at square one.
Essentially, chain-breaking causes complications, stress and delay.
Common causes of Chain Breaking include:
- Inability to secure a mortgage
- Survey result issues
- Fickle Buyers – changing their mind
- Change of circumstances e.g. redundancy /divorce
- Failure to find a new property to move into
- Anxiety about the property market and economy
- Gazumping
- Timing; see below
For many house buyers and sellers, chain breaking occurs purely because they need to vacate their current home before their new one is ready. For many, a traditional 6 month AST rental agreement is the best option for short term accommodation needs, however for others this is simply not a workable solution; they may only need temporary accommodation for a few days or weeks. This is where serviced apartments can be a compelling choice and make the difference between a house seller/buyer being forced to break the chain and being able to move into their new dream home.
Serviced accommodation can be a cost effective option, as they can be booked on a nightly basis, ranging from 1 night upwards, and can usually be extended/shortened as circumstances dictate. Pricing often differs according to the length of stay (typically the nightly rate drops as the number of nights increases) and is reduced drastically after the first month as VAT drops from 20% to 4%.
Visit us online & get more details about serviced apartments & short stay accommodation in Milton Keynes.
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