Where more than two properties are involved in a transaction (Mr A wants to buy property X but needs to sell his own place first) there is a chain. The bottom of the chain is the person who needs to sell before any other transactions can happen. The top of the chain is the person who can move out without finding a property to buy.
As an example - Mr B owns property X. When he sells it he will move out and rent somewhere else. Mr A wants to buy property X but needs to sell Property Y first. Mr C offers to buy Property Y. Mr C and Property Y are known as 'the bottom of the chain'. Mr B and Property X are 'the top of the chain'.
A chain can have any number of properties in it. If any of the transactions fall through this is referred to as a 'Broken Chain'
I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!
This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.
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