Should I aspire to be chain-free before buying a property?

If you are a homeowner thinking of selling up, you may have heard of the concept of being ‘chain free’. Putting yourself in this position can give you more financial freedom and remove many of the frustrations that can come with selling and buying simultaneously. 

According to Zoopla, one-third of homes on the market are chain-free, a trend that has been occurring throughout the years. Here, we look at what it means to be chain-free in more detail and how it could help your property search.

What does it mean to be chain-free?

 When you are chain-free, you are not currently the owner of a property that needs to be sold in order for you to buy your next home. This means you are only buying a new property and not relying on the funds of another house to afford the new property. 

What are the benefits of being chain-free before buying a property?

Being chain-free can benefit both buyer and seller in different ways; these include:

Sellers prefer chain-free buyers

Property sellers usually prioritise chain-free buyers because of the convenience of the buyer not relying on funds from an ongoing sale. This can give you a huge advantage against other potential buyers who are tied into a chain, and the seller has more assurance that the sale will be completed.

Faster sales

If you are chain-free, there is an increased likelihood that you will be able to complete the transaction faster than people who are in a property chain. This is because you can’t be delayed by issues to do with a current property that are outside of your control.

Less stress

Being chain-free gives you more control over the buying process. You’ll have peace of mind that you are not relying on another party to successfully complete the purchase. Of course, there are always things that may occur that are out of your control, but being chain-free can reduce the problems you may face. 

The buying process is less complex

As a chain-free buyer, your only concern is the property you want to buy. You relieve yourself from issues related to an existing property sale that someone else is purchasing from you. This should make the process more straightforward and less complicated to manage.

How do I become chain-free?

An option you can consider if you want to become chain free is you could sell your current home and move into rented accommodation. This breaks you free from the property chain, and you can focus on searching for a new property at your own pace, allowing for better decision-making for your next property. This could also be a good time to move to your desired area and live in a rented property to see if you like what the area has to offer.

What if I can’t become chain-free? 

Becoming chain-free can be difficult, especially if you have everything tied up in your current home. However, there are some things you can do to make yourself more competitive in the market:

•  Start your search for a new property as soon as you have accepted an offer on your home.
•  Before you put your property up for sale, make sure you have full approval for any extra funds you may need to buy a new home.
• Secure the services of a conveyancer so they can get to work as soon as you appoint an estate agent.
• Work with an estate agent that takes a proactive approach. This means they will actively chase solicitors, agents, and movers involved in the chain so it doesn’t become stagnant. 

We understand the challenges of being in a property chain and work closely with sellers to find the right solutions at the right time. Contact our team today to discuss things in more detail and to see how we can help you.