Help: Property Listed as NO CHAIN, But Actually Has One

miametro

Does anyone have any experience of putting in an offer on a property expressly listed as 'NO CHAIN' and then finding out that there IS a chain? (& a seemingly large one, at that).

We currently own a property and are looking to upsize. We're very far into the process - we have a buyer for our property, we have found and put an offer in on a property and are now waiting to exchange contracts.

Our issue is that it's come to light that although the property was (and still is) listed on Rightmove as 'NO FORWARD CHAIN', it transpires that there is a chain, and we are being held up by it.

Is there anything we can do about this? Our buyers are contacting us with concerns because we told them before they made an offer that there wasn't a chain (because at the time we believed that to be true), so a) we feel bad for misleading them and b) are worried they will pull out. They are cash buyers, buying a second property to rent so have very little to lose by pulling out of our sale and moving forward with another. They're not selling their current property.

We've been told by our solicitor that we should be moving on the 26th April (so next Friday) but as we haven't exchanged contracts yet (and the date for exchange keeps being pushed back and back) we're not confident that this date will happen. In the meantime we're reluctant to pack, hire a van or do any of the usual stuff you do before moving, but are conscious that if it does get sorted it'll leave us with very little time to do those things!

The house we are buying is currently empty, the seller is living in another property and buying another property in a different county following a job move. We've contacted the EA involved to query it, and were told "well, there is a chain" with no explanation of why it was listed without. We've also had conflicting info from them several times, first saying that there was a chain but we wouldn't be affected because the property was empty, then saying that there wasn't a chain, then back to being a chain and them wanting to exchange on both properties at the same time. Very confusing.

Is it legal to list a property as no chain when that isn't true? I've never bought a house before so am completely in the dark about this and Googling hasn't bought up anything helpful in this area.

Any and all help greatly appreciated!

PS. Sorry this is so long!

knightstyle

Could just be a mistake by the agent. Ask them why it states that when it is not true, insist on a written answer and say you now expect the price to be reduced as the no chain statement was a big incentive when you chose this property.

miametro

At this point we don't think we're in a position to change our offer - it would involve amending the mortgage and we're worried that it would take so much extra time which will only irritate our buyers more.

We're going to ask our solicitor what he thinks, and also try and get an answer again from the EA.

ValHaller

Out of courtesy to your buyer, your agent needs to tell them that there is a chain although you told them in good faith that there is not a chain. Everything is now hanging on your buyer's patience and your seller's motivation. Once these 2 know where the other stands, you will begin to know where you stand.

chappers

If the house up the chain from you is empty why can't you just mobilise the chain below you and move, in effect there is no chain above you, the vendor above you isn't waiting to move into another house

miametro

chappers wrote: »

If the house up the chain from you is empty why can't you just mobilise the chain below you and move, in effect there is no chain above you, the vendor above you isn't waiting to move into another house

We're not sure why we can't do this either, to be honest. According to our solicitor tho the person we're buying from wants to exchange on his new sale at the same time. We're going to push again tmrw for an explanation and hopefully get a resolution, but to be honest I'm not very hopeful given the way things are turning out currently.

moneyistooshorttomention

Presumably the EA thought there genuinely wasn't a chain - because of the place being empty - and hadn't grasped (or deliberately hadn't had it explained to him by the vendor) that they are relying on the money from their empty property to fund their next property.

Is this other property your vendor is living in their own or rented? My assumption is that they own this "living in" property they have and hence are doing this in an attempt to avoid owning 3 properties at once (ie because they cant afford to). I cant see why they would be doing this to you if their current home was rented - hence why I think this might be the explanation for their actions.

chappers

I obviously don't know the full facts but still don't understand.
They sell the empty house to the OP, stick any money in the bank and make their own purchase at leisure.
Everyone down the chain from the OP complete at the same time if they have a conventional sell and buy situation.
I would go back to them a say you are thinking of pulling out of the deal as it is getting ridiculous, and you have looked at another property, do it through the solicitors and see if that spurs them into action

moneyistooshorttomention

chappers wrote: »

I obviously don't know the full facts but still don't understand.
They sell the empty house to the OP, stick any money in the bank and make their own purchase at leisure.

True if they haven't found their own place they wish to purchase, but I've taken it from what OP says that this vendor has already found the place they intend to buy (well I'm presuming this is where OP's mention of a "long chain" comes from). I took it that the long chain referred to meant "a chain above me", rather than a chain "below me".

I think some of the "toing and froing" that has been going on is probably down to the vendor hadn't found a place originally and intended to put the money in the bank and look at their leisure and that things have changed subsequently because they did start looking after all and found the one they want.

andy.m_2

miametro wrote: »

At this point we don't think we're in a position to change our offer - it would involve amending the mortgage and we're worried that it would take so much extra time which will only irritate our buyers more.

We're going to ask our solicitor what he thinks, and also try and get an answer again from the EA.

We changed the price three days before exchange, we also negotiated a reduction between exchange and completion (although they paid this in cash through the solicitors).
It wasn't hard work and as it was to the detriment of our agent our solicitor did it willingly.

bebewoo

andy.m wrote: »

We changed the price three days before exchange, we also negotiated a reduction between exchange and completion (although they paid this in cash through the solicitors).
It wasn't hard work and as it was to the detriment of our agent our solicitor did it willingly.

That's cold