Why it's better to buy and sell “chain free”
Chains occur when one home buyer is also relying on the sale of their own property before they can move. This creates a chain of linked house purchases, where each transaction relies on the success of every other transaction in the chain.
Downward Chain Free is where the buyer does not need to sell to buy their new home, before they can purchase - such someone who has the funds or as a first time buyer. Upward Chain free is where the seller has no plans or needs the funds to buy another property themselves after they've sold.
For example, someone selling a buy-to-let property or moving into rented accommodation. If the seller needs to purchases another property to live in, your completion date is also likely to be affected by the date when your seller can move into his new home too.
Here are some chain free examples.
As a buyer your purchase doesn’t depend on you selling your place first.
The seller has already bought a new home.
It’s an inherited or second home.
It’s a new-build property.
The property being sold is repossessed or sold by a company.
The seller is moving to rented accommodation.
The seller is relocating somewhere else in the UK or abroad.
The seller is moving into retirement accommodation.
There are many reasons why a property might be chain free, so it’s always worth selling chain free if you can and the buyer buying chain free. That means there’s less chance of the deal falling through.
Hope that was helpful. You are always welcome to get in touch to have a chat.
Mau Investments – Property Solutions made easy.
dennis@mauinvestments.co.uk or Tel: 01 332981666