Everything You Need to Know About Property Chains

What does being ‘chain free’ mean?

Chain-free homebuying occurs when neither the buyer nor the seller is dependent on any other party completing a transaction. These purchases occur most commonly with first-time buyers, cash buyers, or people purchasing a second home. In short, being chain free means that both buyer and seller can complete the transaction without depending on any other ongoing deal.

There is a significant financial benefit to being a chain-free buyer. A recent poll by Clearscore indicated that 74% of all sellers would accept, or consider accepting, an offer 5% below the asking price if the buyer was in a chain-free position to proceed. Some sellers value the certainty of a chain-free buyer, and are prepared to sell at a discounted price for that certainty.

There are other benefits to being a chain-free buyer. It is a lower risk in the sense that there are no delays or failed sales to worry about, which in turn makes the whole experience much less stressful. The fact that sellers prefer to sell to chain-free buyers also improves your negotiating position, and puts you in a position to complete on your property much more quickly than you might have been able to otherwise. This is particularly useful on popular properties that go to a best and final offer.

How can I be a chain free buyer?

Being a chain-free buyer requires you to have the cash available to be able to purchase your desired property without depending on a sale of your existing property. The easiest way to do this with certainty is to sell your property to a reputable cash buying company such as SmoothSale. Our cash house buyers service is designed for vendors looking for a guaranteed sale of their property in as little as 7 days. Alternatively, we offer an ‘Investor Marketing’ route to market for vendors who want to sell their property to our network of trusted investors in under 30 days.

Get a cash offer today! Alternatively, get in contact on 0113 539 600 or email info@www.smoothsale.co.uk.

FAQ’s

What happens if a property chain breaks?
If a property chain breaks, it can lead to delays and added costs. Buyers and sellers may need to find temporary accommodations or reschedule their move-in dates.

Can I avoid property chains?
Avoiding property chains is challenging but not impossible. You can consider buying a property with no chain, such as a new build or a vacant property.

What can cause delays in property chains?
Delays can be caused by various factors, including issues with surveys, mortgage approvals, or legal complications.

Should I have a backup plan when in a property chain?
Yes, having a backup plan, such as temporary accommodation, can reduce the stress of unexpected delays.

Are property chains common in real estate transactions?
Property chains are relatively common, especially in areas with a competitive real estate market.

How can I speed up the process in a property chain?
You can speed up the process by staying organised, being proactive, and working with professionals who specialise in property chains.