Who gets the final say in the chain?

helping_hubby

Is it the people at the top of the chain?

We're first time buyers and are getting a little frustrated.

We and the rest of the chain we're ready to exchange 3.5 weeks ago, paid nearly £20k to our solicitors (which I can't help feeling a little upset that we needn't have paid it so soon).

4 weeks ago although not fully confirmed, it was agreed that the 30th March would be the completion date. We weren't exactly over the moon by this as we were rushed into getting everything done asap because the vendors wanted a 6 week turnaround (now it's 3 months).

It's now the 14th March and the people at the top of the chain STILL havent confirmed the 30th and now I'm getting the feeling that they will push it further back. We've got to move out of our rented accom on the 31st.

I guess we don't have much of a say though. Is there anything we can do?

blue_haddock

If your at the bottom you can threaten to withdraw unless the agree the completion date, without the bottom rung of the ladder in place the rest will collapse so i would say you have quite a strong bargaining position.

JennyW_2

blue_haddock wrote: »

If your at the bottom you can threaten to withdraw unless the agree the completion date, without the bottom rung of the ladder in place the rest will collapse so i would say you have quite a strong bargaining position.

i agree, without you the chain will collapse. I'd start to make some noise.

helping_hubby

Ugh, I'm useless at this. I called the estate agent and I meant to be all assertive but I don't think I came across that way.

She's _still_ waiting for the top people of the chain to give her the nod. She won't put any pressure on them and is saying she has to do it her way or they will drop out. I told her we'd drop out before they do.

I reminded her that we have to be out by 31st March, but although she sounded sympathetic, I don't think anything I say is making any difference.

She hints that if she gets the nod today or tomorrow then we'll exchange today and tomorrow but I can't believe a word she says anymore.

Doozergirl

Goodness, don't ever threaten to pull out unless you mean it. I'm sorry, but it doesn't help anyone's situation at all.

I'd ask the agent to find out exactly how far the top of the chain is from exchanging and whether any problems have arisen or whether it is simply the conveyancing process taking longer than others in the chain. The question should be asked also as to when they see exchange taking place. It really should be people asking questions of each other and then working out a date rather than people placing demands as they most often can't be fulfilled.

In answer to the question 'who gets the final say', it isn't necessarily a question of who gets final say. The chain only moves as quickly as the slowest section, so if someone's conveyancing isn't finished, no one is moving. As every house is different, you never know which link will take longest.

Once everyone is ready to exchange, then there may be a battle of wills over the actual completion date if the general consensus isn't 'as quickly as possible'

Something you shouldn't do is give notice on rented property until you are sure that you are moving - that means waiting until exchange of contracts, as you are discovering. Then you hold the reins and people are waiting for you to be ready to move and not you waiting for anyone else.

The only advice I can ever have for anyone to get through sale/purchase relatively unsathed is to be as flexible as you can be and not to expect anything! Much easier said than done, but that is why the whole process is so stressful.

cathodetube

Yes threaten to pull out if you don't exchange by Friday. They can't proceed without you. It might not work but it probably will. What are there reasons for not exchanging? Ask for them, or get your solicitor to ring the solicitor of the people you are buying from. You should also get interest from your solicitor for the 20K you have had with him. Ask otherwise he probably won't offer.

Richard_Webster

Goodness, don't ever threaten to pull out unless you mean it. I'm sorry, but it doesn't help anyone's situation at all.

I'd ask the agent to find out exactly how far the top of the chain is from exchanging and whether any problems have arisen or whether it is simply the conveyancing process taking longer than others in the chain. The question should be asked also as to when they see exchange taking place. It really should be people asking questions of each other and then working out a date rather than people placing demands as they most often can't be fulfilled.

In answer to the question 'who gets the final say', it isn't necessarily a question of who gets final say. The chain only moves as quickly as the slowest section, so if someone's conveyancing isn't finished, no one is moving. As every house is different, you never know which link will take longest.

Once everyone is ready to exchange, then there may be a battle of wills over the actual completion date if the general consensus isn't 'as quickly as possible'

Something you shouldn't do is give notice on rented property until you are sure that you are moving - that means waiting until exchange of contracts, as you are discovering. Then you hold the reins and people are waiting for you to be ready to move and not you waiting for anyone else.

The only advice I can ever have for anyone to get through sale/purchase relatively unsathed is to be as flexible as you can be and not to expect anything! Much easier said than done, but that is why the whole process is so stressful.

I agree with doozergirl. Information flow in chains is awful and there is a lot of chinese whispers etc. People who don't move very often make assumptions about how long things will take and come up with unrealistic dates without consulting their solicitors etc.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients

nealnomoney

Maybe some of the people in the chain would welcome you pulling out as if it collapses and they re list their houses on the market they will prob get an extra £20000 more!!!!

Doozergirl

:wall: What's wrong with genuine communication and honesty?

It takes a greater push to take control and start asking questions and expecting anwers, but threatening to pull out just makes you look like an idiot because every EA and solicitor have seen it a hundred times before. God knows I have and I just don't take it seriously. I will convey all the information I can, I will trust my solicitor and be completely honest with everyone who asks but if the conveyancing isn't finished, it simply isn't finished.

It's dependent upon so many outside parties that there is nothing that even a solicitor can do sometimes to make things happen, except chase, but if you can aim to get yourself informed on exactly where everyone is, then you at least know how far away you might be and that is better than knowing nothing and feeling completely helpless.

nealnomoney

You have to be out of your rented accomodation by 31st March 07 and if you pull out of house you are buying you will have knowhere to go thus rendering yourself homeless! Well thought through, Nice 1 batman!

helping_hubby

Thanks Doozergirl....

OK, well the 30th was the date that was agreed on the 28th February. We were told we'd exchange very soon, but no exact date was given. We signed our contract and paid the deposit on Wednesday 21st February.

I don't know how long the chain is. But apparently everyone in the chain has agreed to the 30th and everybody is ready to exchange. We've supposedly been waiting for the nod from the people at the top of the chain since the 28th February. Every day the estate agent says they'll get an answer and everyday the people at the top supposedly say "We'll find out soon".

The estate agent can't tell us what they are waiting for but they have now signed the contracts and are ready to go except for this 'one thing'.

Something you shouldn't do is give notice on rented property until you are sure that you are moving - that means waiting until exchange of contracts, as you are discovering. Then you hold the reins and people are waiting for you to be ready to move and not you waiting for anyone else.

Lesson learnt. We've been totally naive in believing what has been said. But the estate agent was so convincing. She even now seems convinced we'll complete on the 30th.

So basically am I doing everything i can for now then? Should I continue phoning daily? Or give the estate agent a break?