The chain is a dreaded and feared word when it comes to property. It is the process of buying and selling a home at the same time, with other people who are in the same position. If one problem occurs, such as a buyer dropping out or being denied finance, the whole process can collapse or be held up for all parties involved. Thus, being chain-free can be a major advantage.

The advantages of being chain-free


Being chain-free provides a much speedier moving process. On average, chain-free homes take around sixteen weeks to sell, with half of that being the time taken to find a buyer. However, with more parties involved, more buyers and sellers have to be found, and more paperwork has to be completed. This increases the complexity and adds to the time.

With fewer parties involved, there is also less risk. On average, just over 30% of house sales collapse before they are eventually sold. When you reduce the number of people involved, this becomes less likely.

Because of this, sellers will prefer those who are not in a chain. It is almost as advantageous as being a cash buyer, because it affords a degree of reliability not inherent in chain buying.

How to break the chain


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To enjoy the advantages of being chain free, some people prefer to sell and move into short term rented accommodation. This could be a rented property or moving in with friends and family, while putting goods into storage. Of course, the downside is that you are losing money on rent that could go towards a mortgage. It is usually reserved for those who want to try out an area first before committing to a whole move there.

You can also skip part of the chain by selling your property directly to a company. These are cash house buyers who will make an offer on the property regardless of its condition. Many have completion dates that suit your needs, allowing you to break the sales end of the property chain. Some offers can be turned around in as little as 7 days.

Finding the right buyers and sellers


Another way is to actively look for buyers who are not in a chain. You may not always have this option, but if you are in a seller's market, the chance may arise. As well as the companies mentioned above, first-time buyers, property developers and people buying rental properties are often not in a chain.

You may also be able to search for properties that are chain-free. These are becoming surprisingly common in the UK. The ageing population means that many homes come from inherited family members who may have passed away or gone into care. With a possible tax rise on second homes due, you may also find that many rental property owners start to sell up in the near future.

Putting yourself in a chain-free position is a real advantage. When the market is competitive, any small edge can help you grab your dream house, and being chain-free is one of them.