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CONVEYANCING COMPLETIONS - IT’S A CHAIN REACTION

Buying or selling a property can be stressful at the best of times, but when it is part of a chain where you are in the middle stress levels can be even higher. This can be due to the lack of knowledge one has of the conveyancing process where chain transactions are concerned, be it because they have never been through the process before or because the previous experience was so traumatic that they just wiped it from their memory. The first thing to know about a chain transaction is that all parties need to be ready at the same time. Getting to the stage of exchanging contracts can be the most trying period as this is when most of the work is carried out but to different timescales as there may be third parties involved which can delay matters and are uncontrollable by the parties and their legal representatives. It is sometimes sensible to set a timeframe at the beginning of a transaction for everyone to work to. However, parties should not set their hearts on that being met due to unforeseen matters arising with the buyer or seller or even a party at the bottom or top of the chain who are far removed from the client which could delay the process. This can be more likely with very long chains and communication in such transactions is key. More of the time it is realistic to set a timeframe further along the transaction so that all parties can gauge what stage they are at and then setting an exchange date which is agreeable to everyone and which everyone can meet because all parties need to exchange on the same day if the transaction is to remain part of the chain. In addition to agreeing an exchange date, a completion date also needs to be agreed because when the parties are ready to exchange contracts the completion date needs to be inserted into the contract. Completion dates are usually agreed a short while before exchange but again, the completion date needs to be the same date for all parties as everyone would need to complete on the same day so that when they move out of the property they are selling they can move into the property they are buying. On the day of completion there can be some waiting around. The completion monies will start from the bottom of the chain and work its way up to the top. Therefore, if there is a long chain the party at the top can be waiting most of the working day to complete on their side. If there is a delay at the bottom of the chain then all parties above that will be delayed but at the end of it all the parties can be comforted by the fact that they have a new home which they will enjoy for many years.