Exchange in 4 weeks...

jw2003

... how likely?

The chain as it currently stands is pretty short:

start of chain (ftb) - us - our (hopeful new place) - end of chain (moving into rented)

End of chain wants exchanges to take place by 25th October, I think they're moving for schooling and need the new address before the applications deadline

We dropped off our forms and ID to the solicitors this morning and mentioned it an they weren't optimistic. Apparently, our Vendor's EA said, the top of the chain would pull if it didn't happen by then

Doozergirl

Erm, it's optimistic It would be unusual if it were that quick. Four weeks would be acheivable for a simple purchase, as soon as you involve three houses for sale then the chances of something being complicated, a solicitor or a mortgage company being slow, a buyer being tetchy, a dodgy survey result that needs investigating or an issue with part of the conveyancing, titles, second charges is increased. If one of them is leasehold, then your timescale is alomst always increased.

Average time is three months! I've never had an easy chain Solicitors really need to be aware that it is time critical - many won't take you seriously with a chain and a timescale that short.

Someone needs to have a chat with the people at the top. In fact, if they are the top of the chain then why is the sale time bound when it's the date they move into a new house that is important? If they are genuinely at the top of the chain, then their new house isn't bound by the date of the sale? Are they just spitting the dummy out?

StuHolmes

So come the 25th October, say you are one or two weeks from being able to exchange. Do you really think the vendors would pull out and start all over again? In this market??

jw2003

StuHolmes wrote: »

So come the 25th October, say you are one or two weeks from being able to exchange. Do you really think the vendors would pull out and start all over again? In this market??

Yeah, I did wonder tbh, if they are moving into rented then why can't they just go ahead and move by the 25th anyway...? Hopefully they would be able to cover one month's rent alongside one mortgage repayment while we all catch up. Our seller's seem to be really committed to buying that house.

I'm not stressing, my last day of employment is tomorrow so I can move at will and my oh's work is not dependent on where we live so it won't make a difference to him

Hammyman

All I can do is tell you whats happened with us.

We are buying a house to move into and letting our current one out so we are chain free with deposit etc. We found a house and the couple were downsizing, said they were either moving into rented or in with their son and could be out in 3 weeks so no ongoing chain. We got all the searches etc done in two weeks. On the third week we signed our part of the contract and the solicitor had the deposit. It then transpired that they had decided in the meantime to buy a bungalow. So now we were in a chain we didn't want to be in. Cue a lot of to-ing and fro-ing between solicitors trying to get them to set a completion date and we finally got one for a week on Friday and today they've finally exchanged. The "we can complete and be out in 3 weeks" has turned into 7 and with non of the delay being on our part.