Andrew's Top Tip
Who are you buying from? Are they buying another property? You're told the chain is closed, but what does that mean?
The position of your seller has the greatest influence to the speed of your purchase. Here's why:
Probate Sale the executors of the deceased need to apply to get grant of probate. This can take months to receive. Read more here about probate sales .
Seller in Care Home it'll take longer for them to complete their property forms and sign their documents. You may also find the seller has a relative step in with a power of attorney.
Seller is a landlord is the property tenanted? if so when did they hand in their notice to move out. You can only exchange after they have left and tenants on an AST have 2 months to leave the property and may look to delay leaving if they haven't found somewhere to go. Plus you need to do an inspection after they've left to ensure the property is still in a good condition.
Seller is a buying another property have they had their offer accepted and if so is that seller any of the above examples, or are they buying another property? You need to know the chain is complete to be sure you know all parties will progress at the same pace.
Seller is breaking the chain this rarely happens and often the seller finds a property to buy and links into the same transaction.