Property Chains - What is a property chain?

What is a property chain?

If you are purchasing a property, there is a good chance that the owner of the property you are wanting to buy is also purchasing another property themselves. And unless you are a first time buyer there will be a good chance that you will be selling your current home. When you are purchasing a property at the same time as selling your current property this is called a property chain because to be successful on purchasing your new property you need to sell your current one. A property chain ends when the vendor has sold their property and the property that they wanted has been purchased successfully. Sometimes a property chain can involve several properties, and the risk of the chain collapsing increases the more properties there are - check out our blog on this: Property Chains - What Can Go Wrong?

What is a chain free property?

Where no chain exists, it is called a chain free property but only 10% of property transactions in the UK have no chain. You can say there is 'no upper chain' when the home owner is selling their property but doesn't need to purchase a property, for example if they already have another home to move into. And a first time buyer is said to have 'no chain'.

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Published on 29 April 2016

Source Trinity Sales Wakefield

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