A property chain is a series of linked house sales and purchases in which each transaction is wholly dependent upon the other transaction (above and below it). The whole ‘chain’ of transactions can only happen in a coordinated fashion ie exchange of contracts can only happen once everyone in the chain is ready to do so (exchange contracts).
Property chains are perhaps THE most frustrating part of the whole conveyancing process. By their very nature, it is difficult for clear information to be made available about each and every transaction to every other member of that particular chain. It can cause all manner of frustration, and the key to surviving that is to make sure you choose the right solicitor and right estate agent to be on your side! Information is key, and if you know that your conveyancing solicitor and estate agent have everything done on your own transaction that can be.
Remember though, a chain is only ever as strong as its weakest link, so however quick your own conveyancing solicitor might be, until everyone in your chain is ready to go, you wont be able to exchange contracts!
Please check out our various posts and videos that explain property chains, what they are, how they work, and what (not much!) you can do to manage them!