First time buyers in desperate need of advice!

Meooow

Hello,

I am wondering if anyone has any advice for us. We're first time buyers and we had an offer accepted on a flat in November 2009. We're had the survey done, done most of the legal work done and got our mortgage approved. However the people we're buying from had a sale fall through in January, and they have only just found somewhere else to buy, but the chain still isn't closed further down the line with this new property.

We are so desperate to get the flat. We had THREE sales go wrong before this one, so we've wasted a lot of money. So we're reluctant to give up and look for another flat without a chain. We have asked them if they will vacate but they say no. I don't think there's much else we can do but was wondering if anyone had any bright ideas!?

We gave up pur rented property in August 2009 as we were near completion on flat number 3 before it went wrong, so both back with our parents and doing long commutes. It's just so frustrating, and feels like there's no end in sight.

Any advice would be most welcome!! Thank you!

caeler

What does your solicitor say? ie. does he have confidence that now they have found somewhere to buy the chain is strong and everything is moving as it should be?

It can't be easy to lose 2 previous property's then to find yourself waiting 6 months to complete.

You need to start asking some questions and apply the pressure. What does the estate agent say?

Hippychick

Check your mortgage offer expiration date if it is soon (and it may be most offers can be valid for just 6 months) use that deadline as leverage to hurry them along.

Eric1

Meooow wrote: »

We are so desperate to get the flat. We had THREE sales go wrong before this one, so we've wasted a lot of money. So we're reluctant to give up and look for another flat without a chain.

If you let them know you are desperate, they will take advantage.
I'd be prepared to walk away rather than negotiate from a weak position. It's not your fault their purchase fell through, so it may be their turn to rent and do long commutes.

Meooow

Thanks everyone! They've only just found this other place to buy so think it's too early for our solicitor to know if it's going as it should be. I'm in email contact with the people we're buying from and they've assured me it should all be moving forward now, but I can't see how they can know that if the chain's still not closed. The estate agent is chasing the chain for us, and he's spoken to the other agents at the top of the chain who has assured him that the people at the top of the chain are eager to move and have a big budget so should be quick to find somewhere.

We've already told them our mortgage offer runs out soon - didn't help unfortunately! They already know how desperate we are to move. We've threatened to pull out a couple of times, which also didn't help and as we didn't follow through I don't think they'd take much notice if we did again.

It just feels like we don't have anything to gain by pulling out, as we've already done all the surveys and legal work. I suppose we just have to hope a better flat without a chain comes on to the market but it's not looking likely.

What a nightmare! Don't think I ever want to try this again!

Eric1

Meooow wrote: »

It just feels like we don't have anything to gain by pulling out, as we've already done all the surveys and legal work. I suppose we just have to hope a better flat without a chain comes on to the market but it's not looking likely.

Some "no chain" sellers can be timewasters too (speaking from bitter experience).
Try to find another flat, in a chain or not. You are in a strong position.