How Long to Move House Once Offer Accepted No Chain?
The property purchase procedure is subject to delays and complications across any stage. What happens less frequently is the opportunity to speed up the transaction. One of the few ways this can happen is with a chain-free property purchase. It will usually take a seller from six months to a year to move house after listing their property. However, this period reduces once an offer is accepted, and no chain is involved. Short chains or chain-free transactions take four to six weeks to complete the conveyancing process.
This article will explore why buying or selling with no chain is faster. We’ll demonstrate how it can make you a more desirable buyer, as well as how you can avoid getting into a long-chain property transaction.
What is a Property Chain?
When selling a home, it is common for property sellers to purchase their next home simultaneously. This prevents the need for two independent transactions and means the property owners can transfer the equity of one property into the next. Each buyer and seller can be considered as links in the chain. For property owners selling their property to buy another, another individual must be selling their property. Once the links start adding up, a chain is created.
The length chain begins will depend on how many buyers and sellers are involved in the transaction. Longer chains, therefore, involve several parties, each selling and buying properties. Consequently, it is clear how complicated delays can extend the time it takes to move house.
Property solicitors, mortgage lenders, estate agents, surveyors, and several other parties are involved. A range of complications, such as subsidence issues, incorrect property value, paperwork issues, and more, can occur within a single property exchange even after an offer has been accepted.
Buying your First Property
In today’s incredibly competitive market, any aspect of convenience you can offer to a property seller gives you an advantage over the other buyers competing for that property. Due to not previously owning a property, first-time buyers are frequent chain-free buyers. Whilst they may be inexperienced in the property market, these buyers can complete a purchase before moving out of rented accommodation. This gives them the freedom to complete a purchase with no strings attached.
Buying and Selling with No Chain
If you’re considering moving house and want to accelerate the process, the most efficient approach would be to complete the transaction with no chain. This could mean either selling your property before purchasing another or keeping your current property and buying a second. It is essential to consider that if you sell your house before securing another property, you’ll need to find alternative accommodation upon completion of the sale. As exchange contracts are typically issued with a vacant possession clause, all tenants, residents, and belongings are legally bound to be removed from the property on completion.
Meanwhile, if you choose to retain your existing property in favour of a more efficient purchase of a second home, there are additional costs you need to consider. Property owners investing in a second home are subject to stamp duty or land transaction tax surcharges. In England and Northern Ireland, an additional 3% of the property value is due on top of the standard stamp duty rates. In Wales, buyers face a 4% surcharge in addition to land transaction tax (LTT) rates. There are plenty of benefits to selling and buying properties with no chain. However, it is crucial to consider each of your long-term options before committing to a transaction. If buying and selling without a chain increases the cost and hassle of moving house, it may not always be the most desirable choice.
How to Avoid Getting into a Complicated Property Chain
The core advantage of avoiding property chains is eliminating the dependency on the success of other parties’ transactions. Once an offer has been accepted on a chain-free property, all that needs to follow is a successful conveyancing process and exchange agreement. This is far less hassle than waiting on delays across various connected transactions.
To avoid long property chains and reduce the time it takes to move once an offer has been accepted, consider the following tips:
When selling:
Evaluate Each of your Offers
As the person selling a property, you are given the luxury of assessing your offers before choosing the buyers who can provide the most suitable outcome. This may be higher offers, cash-buyers, and chain-free transactions. Depending on your needs and expectations, carefully consider the offers that you have received and choose one that is most beneficial to you. First-time or cash buyers typically provide the fastest completion once you have accepted their offer.
When buying:
Consider Purchasing a New Build Property
One way to avoid an upward chain is to purchase a new-build property from the developer. These houses have never been residentially owned. Meaning there won’t be existing owners purchasing another property within the transaction. Some developers also offer part exchange deals which could avoid dealing with selling your previous property.
Refine your Search
Only 10% of properties on the market are considered chain-free. This might seem like finding a needle in a haystack. However, by speaking with an estate agent such as MGY, you might be able to highlight properties that won’t involve several parties within the transaction. There are plenty of houses for sale with owners not looking to purchase another property. This may be because they own a second property or have recently passed away. By refining your search, you may locate properties that allow you to move house sooner.
Factors that can Delay Chain-Free Property Transactions Once an Offer is Accepted
Although “no chain” will often speed up a house move, several factors can still extend how long conveyancing could take with “no chain”. To avoid many of these issues, working with highly-rated professionals that are tried and trusted by family and friends will ensure that you receive the best possible service.
Complications within the Conveyancing Process
On average, it takes between six and eight weeks to complete the conveyancing process. But this is generally seen as the ‘best case scenario’. If there are complications in the process or a lengthy chain, the wait can stretch to several months. But what if there is no buying chain for your property? How long does conveyancing take with no chain? The process could be completed in as little as four weeks.
With so many components involved in the conveyancing process, varying from the valuation survey to property searches, local authorities searches and local searches, a lot of things can go wrong. Working with an experienced and trusted conveyancing solicitor is the best chance to reduce your conveyancing timescale.
The Estate Agent
Once an offer has been accepted, the estate agent must issue a memorandum of sale to accompany the property details to the buyers’ conveyancing solicitor. Without these documents, estate agents can prolong the conveyancing process due to their delay. The estate agent also plays a crucial role in communication between the buyer and seller parties. At MGY our sales progression team will help advance your house move by encouraging progress and avoiding unnecessary delays.
The Mortgage Lender
Once a completion date is arranged and the exchange contract has been signed, the mortgage funds must be available for that date. Your conveyancing solicitor will need to be able to access these funds on the defined date. If you have delayed submitting your mortgage application, you might not secure your mortgage offer in time. Not only will this prolong your move, but there could also be financial consequences as defined in the exchange contract.
How Expert Mortgage Advice Could Help You Move House Sooner
Once an offer has been accepted on a property, securing your mortgage is the first step to ensuring a straightforward moving process. Getting approval on your mortgage can take two to six weeks. Making it essential to have it arranged as soon as possible.
No-chain property sales tend to move quickly. An unprepared mortgage application could be the one thing that slows you down. Working with an experienced mortgage broker could help you find the right deal. And build a robust application you can send as soon as your offer is accepted.
Whilst entirely chain-free properties are rare and hard to come by, there are actions you can take to increase the speed of your transaction once an offer has been accepted. Contact MGY today to discuss how we can help you speed up the moving process and secure your next home.
