help buyer wants me to break chain!!!!

lauranurse

Hi

I need some advise am in the process of buying a house and selling my own property. It took a while after the offer had been accepted on my place for me to find somewhere to buy which i have now done. The problem is that my buyers are getting very impatient nad have said they are goiung to pull out unless i break the chain.

I dont really want to break the chain but i also dont want to loose my buyers the estate agents have told me that the buyer is a solictor and she is saying that it is all taking to long to go through and she isnt happey about the chain my end etc basically she is being really impatient!!!!

I just dont know what to do. i could move to my mums as a temporary thing but theres just no telling how long things will take is there?

Any advise would be much appreciated and sick of worryiung about it alll

Addiscomber

We sold up and moved to share my mother's 2 bedroom flat between houses, and we were 2 adults and 2 children under 6:eek:

If you can cope with living at your mum's I should think seriously about it, so long as your mortgage arrangements allow it, ie no early exit fees triggered. It does take a lot of pressure off you as regards the chain, AND it makes you extremely desirable as a purchaser, because you become the bottom of the chain. Everyone above knows that you are serious about what you are doing. In our case our vendors became very worried that we would begin to look elsewhere, and what we were told was going to take 3 months speeded up no end, and we completed within a month.

The worst bit was deciding which clothes to send to storage and which to keep with us, and that was just after Christmas, not this time of the year when the weather is so changeable.

WaveyDave_2

The house I was supposed to buy fell through, we sold anyway and lived with the mother-in-law. Put us in a much stronger postion for buying our new place (completed Thursday :T ).

I'd seriously think about it.

zain

WaveyDave wrote: »

The house I was supposed to buy fell through, we sold anyway and lived with the mother-in-law. Put us in a much stronger postion for buying our new place (completed Thursday :T ).

I'd seriously think about it.

Doesn't work for everyone. So be careful. Depends where you are, we were thinking about doing that but glad we didn't. In the last three months we would have been priced out of the market (the property that we have an offer accepted on will probably now go on the market for over 40K more than 3 months ago!)

nollag2006

Yup, be wary about stepping off the housing ladder.

Just looking at my own area, prices are rising by the day !

xela_17

Also, how far down the line are you? Has everyone spent money on fees, searches etc? If your buyers have spent money then they are a lot less likely to pull out. If, however, they were waiting for you to find somewhere before paying for stuff then they may well do so.

We accepted an offer on our house, our buyers said they would wait for us to find somewhere, which we did a week later. When we rang to tell them the news they said they were no longer interested as we had taken too long and pulled out! While we are frustrated, as now we have found a house we like but have no buyer, at the same time I don't want to have people like that in my house move because if they can behave like that now, they can behave like that on the day of exchange.

morlandbanks

It doesn't matter if the buyer is a solicitor or a postman. They won't want to lose out on buying your house if they've paid for surveys and everything. I'd tell them you're doing your best and if that's not good enough, THEY can pull out and find themselves another home to buy.
People always get a bit shirty when it comes to housebuying. When I was a first time buyer the vendors wanted me to exchange but weren't willing to fix a completion date - telling us it didn't matter to us because we were living with family (as if we didn't have to arrange my husband starting his new job in the new area, moving our stuff out of storage etc). They said they'd pull out if we didn't agree. I told them I'd drop the price I'd offered unless they fixed a date and if they thought they could take the proverbial just because I was a 1st time buyer, they could kiss my...
Seemed to work
Seriously though, I know the pressure is on, but keep a clear head. Don't make any rash decisions and remember, they are just as anxious as you are. I hope it all goes smoothly for you in the end.

silvercar

our first set of buyers tried to pressurise us into breaking the chain. We refused and in the end they broke the chain. Things did not proceed quickly at our end and the chain collapsed. By the time of the chain collapse they had no option but to move into rented and pulled out of buying ours.

We then found other buyers and a different house to buy. Half way through our purchase they got back in touch and wanted to buy our house again, but we stuck with the new buyers. They were left with a rental contract soon to end and couldn't find a house to buy.

irnbru_2

lauranurse wrote:

Any advise would be much appreciated and sick of worryiung about it alll

Tell them you'll break the chain for £6K + moving fees: the cost of renting a suitable property for 6 months.

lauranurse

Thanks irnbru

Thats an idea do you think they would go that. The other proble is that my mortgage provider are only willing to give me a months break on the mortgage so i could face paying early repayment charges on my mortgage for breaking the chain too if it all goes pear shape thinbk im going to just have to say im not perpared to break the chain

lauranurse

the other thing is the buyer are actually buying my place to rent it out so i dont really see why they are in such a hurry