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Topic: "no forward chain" ?  (Read 12345 times)

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"no forward chain" ?
« on: June 12, 2005, 04:14:39 PM »
I keep running into this term in real estate listings but cannot seem to find this phrase listed in UK real estate glossaries. What does it mean?
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2006 Work Permit -> 2011 ILR -> 2012 Dual Citizen

Re: "no forward chain" ?
« Reply #1 on: June 12, 2005, 04:30:12 PM »
It just means that the person selling you the house is not dependent on buying another house in order for your sale to go through. 
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Re: "no forward chain" ?
« Reply #2 on: June 12, 2005, 04:38:06 PM »
Ahh! That makes sense. Muchos gracias! :)
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The only meaning anything has is the meaning you give to it.       ~Author Unknown

2006 Work Permit -> 2011 ILR -> 2012 Dual Citizen

Re: "no forward chain" ?
« Reply #3 on: June 12, 2005, 07:55:59 PM »
Being in a chain is a total nightmare in the English property buying system.
So if they are advertising a short chain, or no forward/onward chain, that is a verrrrry good thing!
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Re: "no forward chain" ?
« Reply #4 on: June 16, 2005, 11:38:14 PM »
I can understand the chain being a big problem.  I've heard about so many people losing out on the opportunity to buy a house because the person selling to them couldn't buy the house they wanted.

I understand the Scottish system is some kind of blind auction or the like, maybe I'm wrong.  Basically you put a bid down and you have no idea what other people have bid on the house so if you bid too low you have no chance of getting the house unless the other buyers pull out.  Is that right?

Cheers,
Matt
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Re: "no forward chain" ?
« Reply #5 on: June 17, 2005, 05:51:49 AM »
That's right Matt.. the Scottish system is sealed bids.
You view the house, and if interested, you register a 'note of interest' with the seller's solicitor.   That means they are legally obliged to keep you informed of what's going on with the sale.
At some stage, after enough people have viewed & surveyed the house (you get your survey done before making an offer... it can get very expensive if you have to bid on more than one house!), the solicitor advises everyone of the 'closing date'... that's the date that all bids have to be in.

And on the closing date, usually around 12 or 1pm,  you will get a call from your own lawyer telling you whether or not your bid has been successful.   If not, there are no second chances.  That's it finished.

If your bid is the highest/successful, then you are legally obliged to purchase the house, and just wait for all the paperwork/conveyancing to be done.   There are no chains, no gazumping or gazundering in Scotland, because once your bid is accepted, that's it... no one can pull out.
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