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Chain break is biggest fear for Brits buying a home

Wednesday, 15 February 2006 12:00 AM

Over a third of UK residents buying a home say their biggest concern is the chain falling through.

Seven in ten Britons buying a home find the process stressful, with 36 per cent fearing a break in the chain.

This is followed by finding the right property, which 17 per cent of those buying a home find stressful, and spiralling costs of mortgage fess and stamp duty, which 13 per cent find stressful.

Nick Clark, managing director of The Homebuyer Show, which conducted the research, said: "It can be very frustrating when chains break and potential buyers lose their dream home. The house buying process is already stressful enough without buyers having to worry about what is going on at either end of the chain."

Redecorating their new house is not a major stress, with it being cited by just four per cent of homebuyers, while viewing and surveys was only a stress for just over one per cent of Britons buying a home.

Mr Clark added: "To avoid disappointment, buyers should ensure they have all the relevant paperwork in place prior to putting in an offer.

"This includes applying for your mortgage in advance, and if necessary arranging a bridging loan which can cover any gaps and ensure a smooth process. It is also standard procedure to ask to see the necessary paperwork for the buyer below you in the chain to rule out any chance of a chain break."

Mr Clark believes the introduction of home information packs in 2007 will make the process of buying a home more transparent by providing detailed information to buyers and sellers in advance of negotiations.

"This will help to minimise the risk of the sale falling though, and consequently decrease the levels of stress associated with the homebuying process."

This year's Homebuyer Show will contain an area dedicated to home information packs, with representatives from experts and providers including the ODPM, First Sellers' Pack, Easier2move, Rightmove and mysalepack.com on hand.

For more information on the Homebuyer Show, go to: Property Exhibitions in March

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