buying house - 4 people in chain

mike44_2

We put an offer on house which was accepted, but now we are thinking if that was a good idea, as there are 4 people in chain (including us). We are first time buyers, and we need to exchange quickly in order to secure our mortgage. However, we think it is less likely to happen considering there is a 4 people in chain. Do you think is worth to arrange the survey, solicitor, etc or should we just pull out?

Nuttyneddy

Unless you are having second thoughts for some other reason, I wouldn't let a four person chain put you off. As a FTB you will most probably be in a chain of some sort with most properties, and four people isn't that long.

And whilst the longer the chain is the more scope for delays there is, a short chain does not guarantee a swift transaction.

mike44_2

And whilst the longer the chain is the more scope for delays there is, a short chain does not guarantee a swift transaction.

I think you are right.

Do you think is worth it to make our offer conditional, e.g. we will arrange a survey only when the vendor has the survey done on the house he is buying, etc, just to make sure that hey are serious about buying their property? Is it something which can be done through our solicitors?

Tr1pp

mike44 wrote: »

I think you are right.

Do you think is worth it to make our offer conditional, e.g. we will arrange a survey only when the vendor has the survey done on the house he is buying, etc, just to make sure that hey are serious about buying their property? Is it something which can be done through our solicitors?

I dont think this will work, if your aim is to speed things up then you will be dissapointed. with four people in the chain you cant demand certain time scales and expect them to be met.

you can sate that that your in a rush to complete and that if things arent / cant be done by then, then you will withdraw offer. the vendor of the house you are buying will either move into rented so you can get in (not likely unless they are also assured they will get the place they are buying) or they will tell you to be realistic.

To give you an idea, me and my gf have bought a house (we were renting) the vendor bought a house which had no chain. Approx 3.5months after making offer we will be getting the keys this wednesday....its a slow process even with no chains.

best of luck to you

mike44_2

To give you an idea, me and my gf have bought a house (we were renting) the vendor bought a house which had no chain. Approx 3.5months after making offer we will be getting the keys this wednesday....its a slow process even with no chains.

So it looks like it is less likely to happen in our case. Therefore I don't think we should spent our money for valuation and survey. Time to start looking again .

jackomdj

but won't starting to look again only slow things down & still not certainty that you won't end up in a chain

Tr1pp

jackomdj wrote: »

but won't starting to look again only slow things down & still not certainty that you won't end up in a chain

Aggree with jackomdj

I honestly think that my moving process took longer than it should really have done, there were a few silly EA and solicitor errors which delayed things BUT it still gives an idea of time frame.

I also think we were lucky in that we found a house with no chain, I dont think that is will be a very common thing tbh. by the time you find a chainless property you may have wasted a few months then you need to go through the legal hoops.

If you like the place just go for it

mike44_2

Thanks guys. We are going to talk to the agent to discuss some options.

Hailstorm

Dont' turn away the right place because it has got a chain and don't buy the wrong place because it is chain free.

Wherever you end up buying, remember you have to live there.