If you’re buying property, you’ll probably have heard about chains and maybe seen some houses advertised as “chain-free properties.” But what does this mean, and why does it matter when you’re choosing your next home? 

What is a chain in house-buying? 

If you’re planning to buy a house, you might well have to sell your own property before you can buy your next one. And it stands to reason that the person who will buy your current house will need to sell theirs before they can complete the purchase. Often, there are more buyers and sellers in the background, all in the position of having to sell their current property before they can buy their next one. This is called a chain. It might just be you and your buyer, or there might be as many as ten people in the chain. 

What do chains mean for buyers and sellers?

While everyone buying and selling property accepts there might be a chain, chains themselves can cause problems. If one person in the chain has to pull out, their house is no longer up for sale, and the person they were going to buy from no longer has a buyer. This can disrupt the whole chain. 

Property sales fall through or get delayed for all sorts of reasons. Sometimes a buyer thinks they will be able to get a mortgage, only to be refused. Sometimes there’s a quibble over what’s included in the purchase, such as carpets and cookers. Sometimes family life changes and it’s no longer the right time to move house. 

When we buy and sell property that’s part of a chain, we accept the risk that the sale might fall through. And the longer the chain, the bigger the risk is that something will go wrong. This can be a problem if you need to move house quickly – for example, you might be starting a new job in a different area, or need to move to care for friends or family. 

How can I avoid problems with property chains?

A good way to avoid problems with property chains is to be the best buyer and seller you can be...and hope everyone else in the chain is doing the same! Here are our top tips:

·       Do your homework – get a mortgage in principle (i.e. when the lender agrees the mortgage in advance) so you can be sure you’re ready to proceed with purchasing your new property. 

·       Gather all the paperwork that relates to the property you’re selling so everything is ready if your buyer’s conveyancer has questions. 

·       Find a conveyancer early so you’ve got someone ready to instruct when the offers are accepted. 

But the most secure way of avoiding problems with property chains is to make an offer on a property with no chain.

What is a chain-free property?

A chain-free property is a property whose sale doesn’t depend on anyone else. It might be a property that has previously been rented out, and now the landlord wants to sell. Or it might be a property the seller has inherited, or one that is on the market because the owner is moving in with a partner or family member.  

Being chain-free is a huge advantage when a property is on the market, and it will usually feature in the property description. Look out for it when you’re house-hunting, and weigh up what the convenience of buying a chain-free property could mean to you. 

Sell property in Guildford

If you have property to sell in the Guildford area, we hope you’ll consider Cobbles! Explore our site to find out more, or give us a call on 01483 457 000.