“No upward chain” meaning?

Adezoo

I am a FTB looking to purchase a house and it says no upward chain, what does it mean please? Would it be possible to speed up things in this case? 

babyblade41

It means the vendors are not buying anything else & the chain ends there.

It's quite an easy transaction as long as the property isn't subject to probate or has tenants 

eddddy

Usually when you buy a house, the people currently living in that house need to find another house to buy and live in.

And then the people living in that house need to find another house to buy and live in.

That's called a chain - and it can take a while to form, and there could be delays at any level of the chain.


If there's no "upward chain" none of that will need to happen. So maybe the house you're buying is currently empty, or the people living in the house have already arranged where they are moving to. So things might move more quickly.

Adezoo

babyblade41 said:

It means the vendors are not buying anything else & the chain ends there.

It's quite an easy transaction as long as the property isn't subject to probate or has tenants 

Oh alright! Thanks for the explanation. Hopefully this means the process can be speed up 

Adezoo

eddddy said:

Usually when you buy a house, the people currently living in that house need to find another house to buy and live in.

And then the people living in that house need to find another house to buy and live in.

That's called a chain - and it can take a while to form, and there could be delays at any level of the chain.


If there's no "upward chain" none of that will need to happen. So maybe the house you're buying is currently empty, or the people living in the house have already arranged where they are moving to. So things might move more quickly.

Oh that make sense, I can understand how frustrating that would be. But hopefully this one is an actual sale with no chain involved

lisyloo

Adezoo said:

babyblade41 said:

It means the vendors are not buying anything else & the chain ends there.

It's quite an easy transaction as long as the property isn't subject to probate or has tenants 

Oh alright! Thanks for the explanation. Hopefully this means the process can be speed up 

You might want to ask about probate I.e. owners died.
probate can actually delay things.

babyblade41

Things to ask before viewing would be

Are the owners living there , if so where will they be going. Sometimes they will rent or stay with relatives but half way through find a house which extends the process even longer .

If it is empty then are the owners deceased/in a care home & being sold by PA's , if deceased has probate been actually granted or is it going through the process. If probate is going through be prepared for a long wait , 

Is the property occupied but not by the owners then you could have a problem with tenants vacating .. removing tenants from their home is a long winded affair so again  you could be waiting a very long time 

If the owners own another property & are living in it then it can be a straight forward transaction .

  I'm selling atm, I am not buying an onward purchase & my buyers are in rented, They offered on 7th March (I think) & hopefully near exchange now, the longest was waiting for their mortgage offer to come through which took 4 weeks