Benefits Of Being A Chain Free Buyer
Buying a property is an exciting time, whether you’re a first-time buyer or an experienced homebuyer. But no matter what state the property market is in, whether it’s a buyer's or seller’s market at the time, there is a lot of value in being a chain free buyer.
Below are some of the benefits that comes with being a chain free buyer, and how it may give you the upper hand against other homebuyers competing with you on the market.
Less risk of sale falling through
The potential of a homebuyer pulling out of a sale is the seller’s worst nightmare. This has unfortunately occurred on numerous occasions throughout the property market, for various reasons.
However, if you are a buyer who isn’t relying on a sale first in order to proceed with the purchase of another property, this immediately reduces the of reason to pull out of a deal, which will put you in a more favourable option in the eyes of the seller.
Shorter property transactions
In recent years there have been several factors that has increased the timescale for property transactions, from the COVID-19 pandemic causing delays, to the rush and high volume of people trying to secure a purchase or sale ahead of the stamp duty holiday deadline in 2021. Couple this with those who are involved in a property chain, that may be looking to push through a sale and purchase at the same time, it can all add unwanted delays until completion.
However, being chain free will help the purchase process shorten considerably. Research suggests that chain free buyers are more likely to complete the conveyancing process approximately eight weeks earlier than those stuck in an on-going property chain.
Although buying a house is one of the most exciting steps in your life, it can also be a bit stressful throughout the process. Having a chain free buyer interested in the property will help relieve some of that stress for sellers, as the sale is likely to progress at a quicker rate without delay and minimalize the chance of a purchase falling through completely.
Avoid unwanted additional costs
Should a property chain break and the sale fall through, it’s not just the time and effort from both parties that has been wasted, but everyone involved could find themselves out of pocket financially, as any fees paid out on the conveyancing and property survey checks will be rendered wasted.
As well as the financial impact, it can also affect both parties emotionally. The buyer could be missing out on their dream home and be faced with the daunting proposition of restarting their entire purchase process again elsewhere. Meanwhile, the seller may miss out on the potential to maximize their profits on the property, which results in missing out on properties they may have their eye on.
Being chain free however, means chances of transactions falling through will be far less likely, bringing a sense of security both financially and emotionally for all parties involved.
Stronger negotiation position
You may find yourself being in a stronger position as a chain free buyer, which could potentially allow you to negotiate on the price of the property you’re interested in. This is because sellers may see you as a more attractive option, with less risk involved compared to those in a chain.
As a result of this, some sellers may be more willing to accept a slightly lower offer from you, compared to others, helping you save money in the process.
How we can help you purchase a property:
Our experienced conveyancing team have been providing first-class services in the legal and property sector for over three decades! Whether you’re a first-time buyer, purchasing a property, looking to sell or considering buy-to-let, look no further than GWlegal!
We have a range of NEW deals and offers on a regular basis, including our client favourite combined sale and purchase deal.
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Who are GWlegal?
GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.
If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us firstname.lastname@example.org with your question.
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Content correct at time of publication.