What Is a Chain?
A chain is a series of objects connected one after another, usually in the form of a flexible tie with high tensile strength used for various purposes such as hauling, supporting, or confining. It may also be used in various ornamental and decorative forms. Chain is a common sight in industry, where it is often used to hold or suspend machinery or equipment. It is also widely used in construction, and many everyday household items, such as bicycles, are linked using chains.
A property chain is a series of buyers and sellers who are all interconnected by the fact that each person needs to sell their existing home before they can purchase a new home. This means that the transactions involved in a property chain are reliant on each other, and it can cause delays as important stages, such as mortgage financing, surveys, and exchange of contracts, must be coordinated. This is why it is very important to understand the complexities involved in a property chain, and it's advisable to allow extra time for the transaction process when you are buying or selling a home when it is part of a chain.
Properties that are described as having no upward chain, or being 'chain free', offer an alternative to those who are buying into a property chain. This can speed up the transaction process as there isn't an ongoing chain that needs to be completed before the sale can proceed. Buyers who want to avoid chain delays can look out for properties that are advertised as being chain free, or speak to estate agents about any new build developments that they might be aware of that are currently offering 'chain free' properties.
Generally speaking, first-time buyers are less likely to be part of a property chain, as they will have already sold their previous property and will not be dependent on the sale of their current home in order to buy their next. For this reason, they can be attractive to sellers. Other buyers that aren't reliant on a property chain include probate sales and those who have secured rented accommodation as they wait for their house to sell.
A chain is a system of connecting links, usually of metal, to provide a flexible connection with a high tensile strength for holding, lifting, hoisting, conveying, and transmitting power. There are many types of chain, from simple pin chains and roller chains for bicycles to multiple-strand chains designed for oil drilling applications. Chains are commonly used in industry due to their durability and reliability, and they are also found in a wide variety of household items such as bicycles, toys, and some furniture. There are many different methods for connecting chains, including bolts and screws, pins and rivets, and snap rings. Some chains are made from stainless steel or other corrosion resistant materials for use in harsh environments. Others are made from non-corrosive materials for a more cosmetic appearance. They can be fitted with fasteners, such as clips or locks, for additional security and to prevent accidental disconnection.