Buying a house - long chain HELP!!!!!!!!!!

olliet_3

Hi - need some advice urgently

We had an offer on a house accepted back in Feb (we have a cash buyer)
Found out last week that we are in a chain of 7 & in the chain are teachers who are relocating, so will not move until the 23/7/07.

When we originally worked out our sums for the mortgage, we could have fixed at a good rate, that offer has expired & with the new rates the mortgage payments have increased by an additional £150 per month (approx)

We now don't know whether to go back to the estate agents & revise our offer based on the long delays & the increase of mortgage rate.

Running_Horse

Not sure how changing mortgage rates come into it. The house is worth what you are willing to pay for it and what they are willing to sell it for. If mortgage rates were falling would you raise your offer? You are of course entirely within your rights to put the purchase at risk by requesting a discount.

Woody69_2

I don't see how your mortgage could have gone up that much.

silvercar

CAn't imagine trying to agree a completion date with a chain of 7! Is anyone on a 100% mortgage? If so, they will have no deposit and want to exchange and complete on the same day, even more risky with 7 of you.

Chances are someone is going to be pressurised into breaking the chain.

I would only ask for a discount if you are prepared to walk away with out one.

olliet_3

We are prepared to walk away as the longer it goes on the longer we are getting dis-hearted.

I just wanted to know if any estate agents out there has ever come across the same problem & if a revised offer would be considered.

benood

If you made it clear from the outset that your mortgage offer would expire you could justify renegotiating, especially if the whole chain is above you - I would calculate how much more it's going to cost you now and ask the vendor for a contribution. At the same time I might start looking at other properties so if they call you bluff you can move on quite a high risk strategy but one that gets you houses cheaper.

olliet_3

We are really confused now - went into another EA today to get some property details as thinking of looking elswhere (as we do not have a good feeling about the length of chain) & they have said that we should have our house re-valued!! We accepted an offer in November & house prices have gone up in that time.

What would you do??

silvercar

you have a cash buyer, shame to lose them.

olliet_3

I do agree, and felt that we are in a strong position when offering on the property- but they would not accept anything but the asking price. We odviously agreed but never imagined that it would take so long to move & we are not there yet - the people in the chain will not move any earlier than the 23.7

Even though we have pushed the EA - it feels like a case of like it or lump it.

Can't help but feel if we have known above we should have negotiated harder at the beginning!!

Is it to late now to go back??? or should we just walk away & save ourselves a lot of stress

telfordwhite

olliet wrote: »

I do agree, and felt that we are in a strong position when offering on the property- but they would not accept anything but the asking price. We odviously agreed but never imagined that it would take so long to move & we are not there yet - the people in the chain will not move any earlier than the 23.7

Even though we have pushed the EA - it feels like a case of like it or lump it.

Can't help but feel if we have known above we should have negotiated harder at the beginning!!

Is it to late now to go back??? or should we just walk away & save ourselves a lot of stress

If you did pull out now it's unlikely you would have moved before the end of July anyway. Depends how much you like the house you're after I suppose.

Donnaalana

I agree with Telfordwhite. You've come this far you could always see how it develops. It just depends how much you want the house.