When looking at property listings you may come across a reference being 'chain free' and not know what it means or an agent might say when you're buying a house that it's got a 'chain'.
What is meant by 'chain free'?
This is where the seller isn't moving to another house where they need the funds from the sale to buy.
What is a property chain?
This is where a sale is dependent on another sale. For example you might be selling your house to buy another house or your buyer might be selling their house to buy your house.
Property chains can come in all different sizes but remember: the longer the chain, the more complicated the process is to get them all completed.
Are there any risks of a property chain?
The chain is at risk of someone pulling out of their part of the chain and then the rest can't continue. The more parties involved, the larger the risk.
What is gazundering and gazumping?
Gazundering is where a buyer reduces their offer right at the last minute whereas gazumping is where a seller accepts a higher offer elsewhere at the last minute.
Both are legal but can have a negative impact on the rest of the chain.
If you're still unsure about property chains, feel free to call us on 01274 498855.
