How to proceed when in a chain?

kzboard

We are FTBs and have an offer accepted on a house, however the current owners of the house have yet to find a property to buy themselves. We have a solicitor and are in the process of arranging a mortgage, and it's getting to point where we will have to start actually paying for surveys etc. The thing is, with the current owners not having anywhere yet, is it normal for us to start arranging everything our end at this point? Or in this sort of situation should we be waiting for the current owners to have more definite plans before we go any further?

Thanks in advance for any advice

ihatemyhouse

I would wait, as you could spend money out, for them to say, not moving as cant find any where

movilogo

Ask if vendors are willing to move out to a rented house. If not, be cautious. But as you are at bottom end of chain, you now have a trump card as the chain will collapse without you

kingstreet

I would not apply for a mortgage, nor pay any fees, until the chain is complete, or your vendor makes alternative living arrangements from completion.

pinkteapot

What kingstreet said.

We accepted an offer on our place and had our offer accepted on the one we're buying in October. We then had to wait for the chain to be complete at the top. Our vendor found quickly, their vendor found quickly, then nothing happened for weeks as the person at the top couldn't find anything.

One month in, our vendor's vendor said they were prepared to vacate (i.e. break the chain by going into rented). As soon as the EA told us this, we instructed our solicitor and put in our mortgage application.

We'd got ready beforehand - had quotes from solicitors, decided who to use, and spoken to our mortgage broker and given him all the info he needed for the application. Once the chain was complete, we were all set to kick things off.

Absolutely no point spending any money until the chain is complete. If someone higher up decides not to bother moving anymore because they can't find anything, it can all fall apart.

kzboard

Thanks everyone, good job I asked.

The vendors have already stated that they don't plan to move into rented, they want to find somewhere to move into and don't expect to find anywhere until January as there is very little coming on the market in December. I do feel there is only so long they should expect a buyer to wait for though, they did after all put their house up for sale.

The main worry for us is that we are contract workers, which the mortgage broker said would probably be fine as long as there is at least 12 months left on our contracts. Come the end of February that will no longer be the case for me as my current contract runs until Feb 2015, so I'm not sure how much of a problem that may cause...? My colleague just bought and moved into her first house and said she was never asked what sort of contract she was on, so didn't say.

Richard_Webster

Find another house to buy and tell sellers that they either excahnge and move out within a reasonable timescale or you will buy the other house.