Buying/Selling A Chain Free Property: Key Factors & Benefits
There are many different factors that affect how long it takes to buy or sell a property. One of the biggest factors that can be responsible for causing delays in the process is the property “chain”. So how can you benefit from buying a chain free property? Let’s find out by first establishing the problems that can come with being tied into a chain when moving house.
What Is A Property Chain?
When you’re in a chain, your property transaction is reliant on those of other buyers and sellers. In other words, your moving experience is reliant on the sale of purchase of other properties going through. There can often be up to four or five parties involved in a chain, with each sale needing to complete in order for everyone to finalise their purchase. If one of these sales falls through for any reason, such as if a vendor changes their mind or a buyer runs into financial difficulties, this can disrupt the whole chain.
What Does It Mean To Buy “Chain Free”?
Buying a chain free property can help you to avoid these delays. If properties are described as being “chain free” or with “no onward chain”, this means that the purchase or sale of the property won’t depend on the successful sale or purchase of other properties. If you’re a chain free buyer, you don’t need to wait to sell your current home in order to move into a new one, for example if you’re a first time buyer.
Why Would A Property Have No Chain?
There are a number of scenarios in which a property may have no chain, including:
- Buying new builds where you’re buying directly from the property developer
- Someone moving abroad with no need to buy a new house in the UK
- Buying from a buy-to-let landlord who is selling an empty property that isn’t their primary residence
- Purchasing a property sold on behalf of someone who has passed away
- Selling your home directly to a company
- You’re a first time buyer
What Are The Benefits Of Buying A Chain Free Property?
As you can imagine, there are a number of benefits that come with buying a chain free property. These include the following:
Less Chance Of Delays
One of the most important benefits of buying a chain free property is that it reduces the likelihood of delays. Whether buying or selling, by not being tied into a chain, you aren’t reliant on other transactions to complete your purchase or sale. This takes some of the stress out of the process and is likely to make for a smoother and quicker transaction.
A Chain Free Property Is More Appealing To Sellers
Chain free buyers, such as first time buyers are appealing to sellers as this means . that they’ll get to skip the hassle of being tied into a chain too. This can help you to find your dream home at an affordable price as sellers will be more inclined to accept your offer. This is just one of the many first time buyer benefits.
Less Risk Of The Sale Falling Through
Having a buyer pull out of a sale is a seller’s worst fear. If the buyer doesn’t need to sell in order to proceed with the purchase of another property, this means that the risk of them having to pull out is minimised, which is reassuring to sellers.
Need Help With Your Move?
When you’ve found your new dream property, don’t hesitate to give Hackworthy a call for help with your move. With 50 years worth of experience in home removals, you can be safe in the knowledge that your belongings are in good hands. Whatever the requirements of your move, we’re here to remove the stress, with our full removals service including packing and storage solutions. Please don’t hesitate to get in touch for more information. Alternatively, you can request a quick quote online.