What does no chain mean when selling a house?

What does no chain mean in property sales?

“Chain-free” means the property you want to buy isn’t reliant on the successful purchase or sale of other properties. As a chain-free buyer, your purchase is not dependent on the sale of a property you currently own. For example, all first-time buyers are chain-free buyers.

How quickly can a house sale go through with no chain?

On average, the process of completing a property conveyance without a chain can take up to about 4 weeks. This is good news for a person planning to move into their new house in the shortest time possible.

Why would a property have no chain?

What does it mean when a house says ‘no chain’? A property that is not in a chain, or is ‘chain-free’ means that the property is being sold by someone who doesn’t need to buy a new home – maybe they are moving abroad or a property is being sold on behalf of someone who has passed away.

What does closed chain mean when buying a house?

A chain ends with a house being sold and not depending on existing owners buying a house to move into. Examples: A household moving into a vacant house. … A household moving to temporary accommodation until they can buy a new house.

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What does break the chain mean?

However, ‘breaking the chain’ is often used to mean breaking or disrupting a problematic pattern of behaviour, individual or social (such as a person’s addiction or a society’s traditions in sexual relationships).

How can I speed up my house sale?

Tips on speeding up your house purchase

  1. Find a ‘contract ready’ property to buy.
  2. Avoid being in a chain.
  3. Book your survey early.
  4. Set target dates for exchange and completion.
  5. Get your money ready for exchange.

How long does it take to buy a house with a chain 2020?

That being said, not being part of a property chain will speed your property purchase up significantly. You’ll probably expect to complete anywhere between one to two months, if there are no other issue or delays with a mortgage application.

What is the average completion time for buying a house?

It takes about 6 months in total to buy a house, however this varies from move to move so be sure to do your research in advance. If you’re looking to make your homeownership dream a reality, you’ll need to know how much mortgage is available to you.

What does it mean by no onward chain?

If you hear the term ‘no onward chain’, it’s essentially another way of saying ‘chain free‘. It means the person selling a property doesn’t need to raise funds from the sale in order to move; ergo, there is no onward chain.

What does it means no chain?

Chain free, or ‘no chain’, means the vendor doesn’t need to buy another house at the same time as they’re selling their old one, and the purchaser isn’t relying on the sale of their old house in order to be able to complete the sale on their new one.

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What happens when a house chain breaks?

Often a property chain breaks halfway down the line or very close to the planned exchange date. Consequently, the property must now be put back on the market, a new buyer needs to be found and the legal process needs to start from scratch with the hope that this time around all will proceed smoothly.