The UK property market ground to an overnight halt at the end of March amid the global coronavirus pandemic. This week the Government has introduced measures to lift lockdown restrictions including opening estate agents to kick-start the frozen housing market. It is estimated almost 400,000 house chains were put on hold during the lockdown, which property giant Zoopla describes as ‘£82bn worth of property transactions in suspended animation’.
Movement and work restrictions have been lifted and house sales can now start to be completed and potential buyers can view properties. Reigniting the property market is the paramount importance to all concerned parties from estate agents, solicitors, surveyors, mortgage lenders to removal companies, all desperate for chains to be completed in order to release vital fees owed to them.
In the coming months self storage will continue to be one of the key support services many homeowners rely upon especially if you are part of a broken purchase chain. Whether buying or selling a property, being part of a chain can be extremely fragile, the more parties involved, the greater the risk of problems. If a house sale falls through, it can have a dramatic domino effect across the chain.
Here are our top three tips if you have a break in your property chain;
1) Rent to Protect your Chain
Sometimes circumstances dictate that you consider moving into rented accommodation to keep your own home sale on track. For example, you may have found a great buyer but for whatever reason, the house you want to buy falls through. This could be due to legal problems with the house you are buying, a change in personal circumstances for the seller, or a withdrawn mortgage offer. In these circumstances, renting a property on either a short or longer-term basis can be helpful and smooth the entire process.
However you may be concerned about the logistics of storing your possessions during this interim period. This is when self storage can be the perfect solution, giving you peace of mind that your precious goods are secure whilst allowing you full access to them whenever you wish.
2) Stronger Powers of Negotiation
Sellers love the magic words “we’re not in a chain”! Selling your existing property before you buy a new home can put you in stronger position, in terms of negotiating the best price and reducing the risk of being gazumped.
Homebuyers who are not in chains generally have much stronger powers of negotiation than those reliant on somebody else buying their property in order to finalise the sale.
This is especially the case if the seller is in a hurry to sell. There is a lot to be said for having the money in the bank when it comes to house buying, and don’t forget self storage is always available as a stop-gap.
3) Stress-Free Moving
Moving home is often dubbed as one of life’s “most stressful events”! Whilst it may be a big life event, it doesn’t have to be stressful.
If you’re selling up and moving in with family for a while or into a rental property not only is it nice to have the cash from your house sale sitting in the bank but it makes moving house a whole lot less stressful too.
When in a chain, you’re often forced to move out of your old house and into the new home on the same day. Whether you use a removal company or move yourself, there’s little if any time to set up a bed or put up curtains. And if there is a hold up on moving day with money transfers and getting the new keys, your stress levels can go through the proverbial roof.
On the other hand, if you’re moving your possessions into self storage there’s no pressure. You can do the move over several days if you wish. Many people opt to move into storage the day before they hand the over the keys giving them time for a last clean and check over of the house. The whole process is much more relaxed and puts you in control.
The same applies when you come to move out of self storage. When you get the keys to your new home there’s no time pressure to move in. If there’s work to be done you can leave your belongings in storage whilst the builders or decorators crack on.
Want to Find Out More?
Contact us here at Atrium Self Storage where you are guaranteed safe, convenient, purpose built indoor storage with your own personal lockable units. With unlimited electronic key access, you can get to your possessions whenever you like 24 hours a day, 365 days a year.