What does it mean when a property says no chain?

What does it mean when a property says no chain?

“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.

When buying a property who is the vendor?

In property sales the vendor is the name given to the seller of the property. This does not mean they are the owner or full owner. A person may have a mortgage which means a bank owns most or all of the property but he can still, with their permission, sell it.

What happens if seller lies on disclosure?

A seller is supposed to be truthful when answering the disclosure statement for the buyer. And, if a seller lies, the buyer is entitled to go after the seller for damages sustained because of an omission in the disclosure statement given to the buyer.

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.

How long does it take to buy a house with no chain?

How long does it take to buy a house with no chain? In a chain-free market, it takes almost the same time to sell and buy a house. The average time to complete a purchase is 100 days (3 months). This time depends on the amount of paperwork to be completed and the market conditions.

What does sold with no forward chain mean?

From Wikipedia, the free encyclopedia. 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.

Is vendor the buyer?

As nouns the difference between buyer and vendor is that buyer is a person who makes one or more purchases while vendor is a person or a company that vends or sells.

Is vendor purchaser or seller?

A vendor sells the product to any consumer or end-user, while a seller sells the products to any buyer. Vendors are the sellers, who sell the products to end-users.

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 does buying in a chain mean?

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. On that day, all the households involved in the chain leave their former homes and move to their new homes.

Why avoid a property chain when buying a property?

Losing a purchase and/or sale through a property chain breaking can cost thousands of pounds, and there are several reasons for avoiding a property chain if you can: You’ll be in a stronger buying position if the vendor knows you’re not relying on a sale of your own property to conclude your purchase of theirs.

What does no onward chain mean when buying a property?

Video Transcription. 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.

What does ‘chain free’ mean when buying a property?

A property that is not in a chain, or is ‘chain-free’ means that the property is being sold by someone who doesn’t need to buy a new home – maybe they are moving abroad or a property is being sold on behalf of someone who has passed away. New build properties are also chain free, because they have never been occupied.

There is no definitive answer to this, however when there is no chain, the process is considerably quicker. A basic timeline of buying a house is: Finding the right property: The length of time this can take depends greatly on personal circumstances, available properties, the research you do on the area.