Breaking property chains ‘biggest cause of stress’
Chain-breaking was closely followed by finding the right property (17%) which can be a very time consuming process. Spiraling costs are also a cause for concern (13.04%), including stamp duty and mortgage fees.
At the other end of the scale, just 4% viewed redecorating as a stressful part of moving house with viewings and surveys a stress for just over 1% of homebuyers.
Nick Clark, managing director of The Homebuyer Show, commented on how to minimize the potential problems associated with chains: “It can be very frustrating when chains break and potential buyers lose their dream home. The house buying process is already stressful enough without buyers having to worry about what is going on at either end of the chain.
“To avoid disappointment, buyers should ensure they have all the relevant paperwork in place prior to putting in an offer. This includes applying for your mortgage in advance, and if necessary arranging a bridging loan which can cover any gaps and ensure a smooth process. It is also standard procedure to ask to see the necessary paperwork for the buyer below you in the chain to rule out any chance of a chain break.
“With the mandatory introduction of HIPs in 2007, the process of buying a home will become more transparent. The packs will contain detailed information on the property being bought, so buyers and sellers will have key information to hand in advance of the negotiations. This will help to minimise the risk of the sale falling through, and consequently decrease the levels of stress associated with the homebuying process.”