Sarah Beeny is backing a new service called completing chains, found at www.completingchains.com
Now, I am going to begin by saying I don't understand this model at all and if anyone can explain it in English that would be a great help. Indeed, if Sarah or any of her team is reading, the website does little to allow people like myself to report upon it. Indeed, the 'how it works' page changed as i was writing this post (removed some complex figures and calculations)
The basic principle appears to be that first time buyers can't afford a property (ok, with them so far), it then gets messy and the following is from the site:
'...completingchains works in a really clever way to help estate agents build chains without first time buyers until the very end of the process. At the very last stage once all the buyers and sellers are in place, the chain is matched with a first time buyer. In order to complete the chain the registered agents work together with all the sellers in the chain to release just enough equity to make the first time buyer home affordable and get everybody moving...'
That is it, that is the entire explanation about this revolutionary idea that will save the property industry?! There are of course many questions, but one point that strikes me as a real deal breaker is an element of their idea that appears to underpin the whole concept. They would appear to be inviting all estate agents in the chain to openly share their databases with each other. It is a nice idea, but maybe a few years too soon. Many agents are only just embracing the Internet!
Further, how does this help a buyer who is not in a chain? How many property transactions are in chains, what percentage and what is the average chain length, how will they ever get all estate agents, solicitors, buyers/sellers, mortgage providers in a chain to agree. I can only surmise that this was dreamt up by lawyers, as it strikes me the legal complexities will involve a few contracts along the way.
What I can say is that the website needs some work, both in terms of content and general structure.