Chain lock in

doberryfirkin

Like many I am in a chain - selling and buying a house. behind me are two buyers, and the house I am buying isn't in a chain so my action will 'unlock' the rest behind me. Are there precautions to take that will lock in the rest of the chain once I start commissioning surveys and spending money with solicitors? I have been stung before by prospective buyers never setting foot in a solicitors office and the EA giving dodgy advice.
Thanks
D

silvercar

I wouldn't book the survey or mortgage until everyone has exchanged solicitor's details. You need to make sure everyone knows the chain is complete and they should start work in earnest. Failing that you can only hope that everyone is serious.

I found getting the phone number of everyone in the chain meant I could keep on top of things and sort out issues before they became problems, but not everyone is happy with this.

Jorgan_2

You could also hold off having the survey booked/done on your purchase until the survey has been booked/done on your sale, Keep in touch with your selling agent, check the progress of all parties on a weekly basis.

UK007BullDog

Visit a mortgage broker and discuss with him/her a possibility of a bridging loan for a couple of months if you run into problems selling your property.

Other alternatives is to rent out your property while you wait for the sale.

Definately a good idea to keep in touch with your direct chain and for them to deal with theirs so that everything can move along without anyone jumping ship.

If you see any waivering put your property back on the market. Right now it seems to be a sellers market as there are more buyers than sellers.

Make sure you cover all your bases and be prepared for all kinds of happenings. Murphys Law: If it can go pearshaped, it probably will ;-) (or something like that).

HTH