The Chain

This term is used to refer to the people and property moving as part of one extended transaction. For example, a first time buyer agreeing the purchase of a flat may find that their seller is purchasing a small house, the sellers of which are moving up to a larger house whose owners may be downsizing, and so on. The individual people and properties on the chain are all dependant upon each other. If one section breaks, the whole chain collapses.

Chains take time to develop but cannot progress until they are complete, with a beginning and end. Whilst the individual elements of the chain may mature at different times, exchanging contracts and completion have to occur simultaneously. It can sometimes be challenging to get agreement for a common completion date from all parties involved and compromise is often required.

During the transaction your solicitor will reply to any additional enquiries that are raised by the purchasers' solicitor. Once the contract has been approved by the purchasers' side, you will meet with your solicitor to sign the contract and discuss completion (the day you actually move). Contracts can then be exchanged and the completion date can be set. This is usually a maximum of twenty-eight days after exchanging contracts.