If you’ve found yourself scrolling through pages of potential new homes, you may have come across one listed as a ‘No Onward Chain Property.’
This means that the sale of this property is not reliant on an onward purchase before the owner can sell. The lack of a chain should allow you to move in within weeks as the buyer’s home is ready for you, as and when you’re ready.
Chain properties are a different story. Imagine a chain wherein the transactions become linked. When you put in an offer for a property, this links you to the seller and their property. If you have a current property that needs to be sold before you can move, this also adds another link to the chain.
Problems may arise as the transaction cannot move forward until the buyer has sold their property, and the seller has a new property lined up. If one of these sales collapses, then so does the whole chain.
So why pay a premium for a chain-free property?
Spending on a premium may save you money in the long run.
It’s estimated that one third of property sales in the UK fall through due to sellers being unable to buy. Buyers and sellers are then being left back at square one, where both parties lose out after having already spent money on things like valuations, estate agency fees and conveyancing. Chain-free properties add a crucial element of security, and you won’t have to worry about re-doing the whole process and consequentially slipping outside of your budget.
Chain-free properties are perfect for first-time buyers
If you’re looking to buy your first house, the control is in your hands as your position makes you valuable and more attractive to sellers. You don’t have any ties pulling you back like waiting to sell, so you are a brilliant candidate for all types of landlords. There are naturally less constraints involved in chain-free properties, the as-and-when element makes for a smooth-sailing transaction, avoiding most of the confusion and uncertainty that comes with buying your first home.
Less of a delay means less stress
Property chains are renowned for being the most anxiety-inducing element when buying a new home. There is potential for a lot of waiting around, yes-and-no’s, and plans falling through.
The ‘Chain-free’ benefit is that when the buyer is ready, the seller is ready. There’s no waiting for the next move to collapse the wholesale like a game of Jenga. It’s simply a win-win.
Peace of mind
You can rest easy knowing there’s a safety net under your property which will prevent the transaction from falling through. You won’t be depending on someone else’s successful sale; you only need to worry about your own. Buying a house is inevitably a series of huge and difficult decisions, so having as much control and security as possible is key.
