What does no onward chain mean in property?

If you hear the term ‘no onward chain’, it’s essentially another way of saying ‘chain free’. It means the person selling a property doesn’t need to raise funds from the sale in order to move; ergo, there is no onward chain.

What does no chain mean in property?

“Chain-free” means the property you want to buy isn’t reliant on the successful purchase or sale of other properties. As a chain-free buyer, your purchase is not dependent on the sale of a property you currently own. For example, all first-time buyers are chain-free buyers.

What does onward chain mean in UK real estate?

An onward chain is where a seller is dependant on purchasing another property. Every chain will have at the bottom a buyer who is not dependant on selling a property and the top of the chain will not have an onward purchase.

What does no upward chain mean when buying a house?

You may also hear no chain, this is where the property is either empty and there is no onward chain or the owners has decided they are not rebuying or they’ve already rebought. So, no onward chain means there’s nobody ahead of you.

Is no onward chain a good thing?

A property with no onward chain is one which is ready to be sold straight away. The seller will not need the funds (or proceeds of sale) from an existing sale to purchase the next property or move on. For buyers, it’s is an advantageous position to be in as, by and large, it simplifies the sales process.

How long does a house sale take to go through with no chain?

On average, it takes about ten days to sell your house with no chain. However, it can take up to 6 weeks if processing the paperwork takes time. Offering cash to a buyer will reduce how long it takes for the completion of the sale of a no-chain property.

What does no forward chain mean?

It just means that the person selling you the house is not dependent on buying another house in order for your sale to go through.

What Does offered with no upward chain mean?

‘No upward chain’ means the vendor is not looking to buy another property, even if you’re part of a chain. You might be able to get the vendor to agree to a date by which they have to move out, whether they’ve finalised their purchase or not.

What is an onward purchase?

What Does offered with no forward chain mean?

The benefits of buying a chain-free property Occasionally when viewing the properties across our website, you may see three magic words – ‘no-onward chain’. What this means is that the property you are looking at has no onward purchase and therefore has less chance of breaking down.

Why do estate agents say offers in excess of?

An “offer in excess of” basically means that they would prefer the buyer to make an offer above the specified amount. This is usually laid out as a firm message that the seller will not accept anything lower. In some cases, it could be due to the seller has a clear idea of how much they want to sell the property for.

Do solicitors charge if house sale falls through?

Some solicitors and conveyancers won’t charge you for their services if the sale falls through, but this is unlikely. If you’re close to completion, your solicitor will have paid for surveys and various legal fees. If you’ve not already paid for these costs, you will need to do so.

What is the chain of a property sale?

The chain begins with someone who is only buying, not selling, and ends with a vendor who is only selling, not buying. The ‘links’ in the chain are the people in between who need to both sell and buy a property.

What happens when you buy a house with no chain?

Having no chain considerably speeds up the house buying process as the buyer will not have to wait for the seller to organise their own purchase and move. How long does it take to buy a house with no chain?

Who are the ‘links’ in a property chain?

The ‘links’ in the chain are the people in between who need to both sell and buy a property. In addition to the vendor, each property in a chain will usually have an estate agent, legal firm, surveyor and mortgage lender attached to it. There could easily be dozens of people involved in any one chain.

Did they know there was an onward chain?

They claimed to know nothing about an onward chain. Yet in the very next sentence they claimed that they were helping the vendors to find property. I then pointed out that this means they must have known there WAS a chain. They denied this and said that they believed their purchase and my purchase were independent of eachother.