House chain about to collapse!

silvercar

We are in the middle of a chain of 5. All of us are now ready to exchange except the person at the top of the chain (who is moving in with family) won't exchange until she has sorted out her late husband's estate. She doesn't need to do this to sell (as she is and has been for the last 15 years the sole owner of the property), she just wants to sort the estate first.

Now the first time buyers at the other end of the chain are saying they are pulling out if we don't exchange by Friday.

We don't want to rent as this is the only house that we have seen that we want; if we can't get this house we are happy to wait in our current home for the right house. Our seller's feel the same way about their house.

Our buyer's on the other hand have been living in their house for 3 years and trying to sell it for the last two! They don't want to lose these buyers but are refusing to rent.

Just need tea and sympathy really.

rchddap1

If you're happy to wait tell them to go and get stuffed. Sounds like a delay won't annoy the vendors of the house you are buying. Might be worthwhile feeding info up to the top of the chain so that they know there is a chance the chain is going to collapse unless they exchange.

[Deleted User]

I'd ask your ea to call the one at the top of the chain to explain that his client is compromising the whole chain by acting this way and that she must exchange this Friday or else...Your solicitor could also do this but ea are much quicker and they'll do their best to save the deal as they're in for a loss just like you oif the chain falls apart.

It wouldn't surprise me if the seller at the top of the chain didn't have a clue about the implications. That's what happened to me when I sold my property, my buyer decided not to exchange on the date agreed but wait until completion day but she didn't understand the implications and when my ea explained it to her she apologized and asked to exchange immediately, go figure! Best of luck!

claz

is this all been said through the estate agents because a few calls the right people further along the chain might iron out any problems

stress to the last link in the chain that the sale WILL fall through if she does not complete on time

silvercar

The three estate agents involved are all trying to work it.

Unfortunately the lady at the top is stuborn, she wants the husband's estate sorted out first. Papers are with the inland revenue apparently, could be sorted next week but could be next month.

suki1964

Ive been having the same problem. The ones we are buying from decided to divorce after accepting our offer and then have spent the past 6 weeks arguing over the split of the proceeds and refused to sign contracts untill they sorted it out

mandi

Is there any reason why the lady wont exchange on friday, and complete in a couple of weeks?.. this should make everyone happy in the knowledge that the sale will proceed, as by exchanging, your all legally bound



Personally I cant see a problem with this, and I think the lady at the top of the chain needs to know that she can do this... ( because I dont

I think she will)


Mandi

Ian_W

Hi silvercar,
Sorry to hear the probs with your chain are still going on.

The more you've posted the more it sounds to me like the lady at the top of the chain doesn't actually want to sell and move in with family. Perhaps going along with their suggestion without her heart really in it.

Not what you want to hear I'm sure, but sometimes elderly people leaving a long term home they shared with a deceased husband/wife can easily have a touch of second thoughts. It certainly sounds more like a delaying tactic than a genuine reason not to exchange.

Any way the EA handling her sale can speak to the family, see if they can persuade her to budge?

silvercar

Mandi, we've asked if she will exchange with completion whenever suits her - completion in 6 weeks if necessary - and she's said that she's not in a position to exchange yet.

Ian W, You may be right in which case the whole chain falls. I don't know if anyone knows her family.

Doozergirl

I'm sorry to hear of your problems silvercar. Nothing I can say to help, but consider tea and sympathy provided.

I'll keep everything crossed for you.

x

silvercar

The first time buyers have been sweet talked by the estate agents today. Made to understand (we hope) that even if they found a new build today it would still be 6 weeks before they would be ready to exchange on that. Therefore they may as well wait and save paying out for more legal work, valuation etc.