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How Long Does It Take To Buy A House With No Chain UK?

Property Saviour » First Time Buyers » How Long Does It Take To Buy A House With No Chain UK?

Buying a house without any attached property chain is much faster than purchasing a house with an existing, complicated chain.

While it may seem like a speedy process, it can be slow and full of difficulties. How long does it take and what troubles might arise? This guide can help you learn about the potential hurdles.

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Understanding a Property Chain

If you’ve never bought a home before, you may not be familiar with the notion of a property chain. It’s quite straightforward. It’s just a group of people in a purchase transaction that have connected real estate transactions dependent on each other.

Let’s say you’re selling your home. Knowing you need a new residence after the sale, you begin searching for one. When you find the one you want, you submit an offer.

But, you can’t buy it until you’ve sold your current home. That’s how you create a chain of property sales that rely on each other, and that can take some time to unravel in the real estate world.

Is Buying a House with No Chain Faster?

Buying a house with no chain is a much swifter process, for two crucial reasons. Firstly, there is no need to be concerned that the sales above or below you in the chain will affect your purchase.

Secondly, the conveyancing process is generally much faster when there is no chain.

How Long Does It Take To Buy A House With No Chain UK
The property chain can be a real headache for many people, as many things can go wrong throughout the process.

What Can Go Wrong in a Property Chain?

The property chain can be a real headache for many people, as many things can go wrong throughout the process.

When this happens, it’s likely that the house sale will “fall through”, meaning it won’t be successful. This is even more complicated when the sale of your own house is part of the chain. So what are some of the potential issues? Here are a few.

Mortgage Issues

This is often the biggest reason buyers bail out. After a traditional mortgage offer, the house must be surveyed. During this time, many things can happen, such as how long it takes to get a mortgage offer after the valuation.

It’s also possible that the mortgage will be blocked due to the buyer’s credit history, or because the lender has a problem with the house itself.

Whether it’s due to an internal or external issue, mortgages can cause major issues when selling a property as part of a chain. People often ask “What happens if my mortgage offer expires before completion?” In reality, once it expires, it’s expired.

The buyer can request an extension, but it can be refused. It’s usually best to have a cash buyer on board if you’re in a chain. If you’re the buyer, it may help to get approval before you start looking for a home, potentially reducing chain issues.

House Survey Problems

The house survey can also create issues. Who pays for any changes needed? This will depend on your agreement with the seller.

Sometimes the seller won’t be willing to pay for the changes that are needed for the sale to go through. It’s not uncommon for sellers to refuse to negotiate after the survey. In this case, it’s usually best to pull out of the sale.

How long between exchange and completion with no chain
To sell a house with no chain usually takes around one to two months.

Seller Delays

A seller may make changes to the sale, such as deciding not to sell their home or hoping for a better price. This can lead to delays in exchanging contracts. If this happens, it’s fine to pull out.

Pulling out after contracts have been exchanged, however, can have legal repercussions and be costly as solicitors will charge if the sale falls through.

To sell a house with no chain usually takes around one to two months. However, there may be delays within this time frame, which can extend the process.

Any thoughts about selling your home?

Are you looking to sell your house? We buy houses in any condition. Get in touch if you are thinking of selling.

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