Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • london.cidade
    • By london.cidade 20th Apr 17, 6:04 PM
    • 75Posts
    • 13Thanks
    london.cidade
    Chain question/ 1st time buyer
    • #1
    • 20th Apr 17, 6:04 PM
    Chain question/ 1st time buyer 20th Apr 17 at 6:04 PM
    Hi all

    We are first time buyer. The vendor is on the chain.

    Are there any way, like putting a clause to the exchange agreement, not to wait the vendor's chain process?

    Paying 2k per month for rent..I have heard terribke stories on chains..

    Thank you
Page 1
    • Penitent
    • By Penitent 20th Apr 17, 6:14 PM
    • 1,360 Posts
    • 4,110 Thanks
    Penitent
    • #2
    • 20th Apr 17, 6:14 PM
    • #2
    • 20th Apr 17, 6:14 PM
    You can tell the vendor you'll pull out if they don't exchange by a certain date. You can ask if they're willing to go into rented to progress the sale. You can't force them to exchange before they're ready.
    • ACG
    • By ACG 20th Apr 17, 6:27 PM
    • 15,231 Posts
    • 7,700 Thanks
    ACG
    • #3
    • 20th Apr 17, 6:27 PM
    • #3
    • 20th Apr 17, 6:27 PM
    You can put in deadlines for exchange and for completion. They may refuse them, there is nothing you can do if it goes beyond the exchange date. If it goes beyond the completion date, you can only do something if it is but in the contract at exchange fo contracts.

    Speak to your solicitor to see what the options are.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Slithery
    • By Slithery 20th Apr 17, 6:29 PM
    • 116 Posts
    • 128 Thanks
    Slithery
    • #4
    • 20th Apr 17, 6:29 PM
    • #4
    • 20th Apr 17, 6:29 PM
    Are there any way, like putting a clause to the exchange agreement, not to wait the vendor's chain process?
    Originally posted by london.cidade
    That wouldn't work, contracts are only exchanged when everyone in the chain is ready to progress.
    • Cakeguts
    • By Cakeguts 20th Apr 17, 6:32 PM
    • 2,667 Posts
    • 3,637 Thanks
    Cakeguts
    • #5
    • 20th Apr 17, 6:32 PM
    • #5
    • 20th Apr 17, 6:32 PM
    If you don't wait for the vendor's chain process the house will not be empty when you pay for it? Your vendor can't sell you the house until they have bought another one so all you can do is to say that if exchange hasn't happened by the time you specify that you will withdraw your offer to buy their house. You will then have to start to look for a different house. Looking for a different house will mean that you will still be paying rent until you complete the purchase on the different house and that could also mean being in a chain.
    • sulphate
    • By sulphate 20th Apr 17, 7:42 PM
    • 1,062 Posts
    • 3,137 Thanks
    sulphate
    • #6
    • 20th Apr 17, 7:42 PM
    • #6
    • 20th Apr 17, 7:42 PM
    Most people need to sell their house at the same time or before they buy another one, otherwise they wouldn't be able to buy another. You can always look for houses that are chain-free but often they are chain-free for a reason, i.e. probate sales or houses with tenants in which can throw up different problems.

    Just one of the uncertainties of house buying.
    • G_M
    • By G_M 20th Apr 17, 8:31 PM
    • 40,553 Posts
    • 46,397 Thanks
    G_M
    • #7
    • 20th Apr 17, 8:31 PM
    • #7
    • 20th Apr 17, 8:31 PM
    Hi all

    We are first time buyer. The vendor is on the chain.

    Are there any way, like putting a clause to the exchange agreement, not to wait the vendor's chain process?

    Paying 2k per month for rent..I have heard terribke stories on chains..

    Thank you
    Originally posted by london.cidade
    There is no 'exchange agreement', so no.

    Until you actual Exchange Contracts there is nothing legally binding ( ie there is no contract).

    You can informally ask that they exchange by a certain date, or move into rented, or anything else. They might

    * agree, and stick to the agreement
    * refuse to commit, leaving you to decide whether to proceed anyway or withdraw
    * agree, and then later change their minds

    That is just the nature of property purchase.
    • hazyjo
    • By hazyjo 21st Apr 17, 10:12 AM
    • 9,321 Posts
    • 11,768 Thanks
    hazyjo
    • #8
    • 21st Apr 17, 10:12 AM
    • #8
    • 21st Apr 17, 10:12 AM
    It may be you who holds things up - it would be you in the chain too, not just your vendor and those above them.


    One buyer I had wanted to exchange within 3 weeks. We rushed it through our end, mortgage offer ready, survey done, etc - but due to problems further up the chain, it took 5 very long months.


    You just never know...


    As above, it takes as long as it takes. Turn everything around as quickly as possible, but the average takes 12 weeks so base your purchase on that timescale.


    Jx
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

92Posts Today

2,194Users online

Martin's Twitter