That means they should have the money (and/or a firm mortgage offer in principle), not be reliant on the sale of their own property to fund the purchase and not be reliant on other factors before they can move.
That’s why buying or selling a property from/to a third party with ‘no onward chain’ is so appealing.
What does sold with no chain mean?
No chain means you can complete the sale asap because you don’t have to wait for the seller to buy another house and then his seller to buy another one , so on and so forth.
What does Chain free mean when buying a property?
A chain-free property is a property that is being sold by a vendor (home seller) who does not need to purchase a new property after they sell. Only 10% of all property transactions in the United Kingdom are chain-free.
How long should a chain free house sale take?
If there is no chain and the buyer has cash readily available, it should take no longer than 8 weeks (60 days) from offer acceptance to completion.
What does it mean to be in a chain?
A chain, when used in reference to the process of buying or selling a house, is a sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase. It is an example of a vacancy chain.