Chain delays

Panda78

Morning All,

Just looking for a bit of advice/views here please.

I'm a FTB and now at the exchange of contracts stage after 10 weeks since my offer was accepted. There are 3 parties in the chain and we were expecting to exchange last week. Everything is done on my side, plus my vendor's, but the problem is at the top of the chain (with the person who my vendor is buying from). That person is not ready to exchange and i cannot work out why as they have no onward purchase (they are moving in with family).

Am i missing something here? What could the delay be?

Thanks for any advice. Feeling very anxious.

movilogo

Long chain often fails for various reasons.

If you are FTB, you should leverage your chain free status.

I hope everything will go as per plan on your purchase. But in case if it fails, next time try to offer on a house where it is lying empty or vendor is not in chain themselves.

Panda78

movilogo wrote: »

Long chain often fails for various reasons.

If you are FTB, you should leverage your chain free status.

I hope everything will go as per plan on your purchase. But in case if it fails, next time try to offer on a house where it is lying empty or vendor is not in chain themselves.

Thanks. I didn't think this chain was too bad - 3 parties with the top seller having no onward purchase, so i didn't expect them to be the ones to delay things.

borkid

Panda78 wrote: »

Thanks. I didn't think this chain was too bad - 3 parties with the top seller having no onward purchase, so i didn't expect them to be the ones to delay things.

Hi Panda 3 in a chain isn't long I've had 7 in a chain before but that was a nightmare on completion day re money transfers.
Maybe the family the top vendor is moving in with needs to get adaptations to their property first. I would go back to the EA or your solicitor and find out what the delay is. When you know the problem you can start to put pressure on the top of the chain.

Are you renting at the moment and need to give notice? Is your mortgage offer due to expire? In our last move we completed the day before our buyers mortgage offer ran out , very stressful. If you do have such constrictons then more leverage for you.

Good luck

pinkteapot

Hassle the estate agent (of the house you're buying) - they can chase the chain and find out what the delay is due to.

Don't panic yet about the chain failing.

If the person at the top simply means that they aren't ready to move, you can have a longer gap between exchange and completion.

We exchanged before Christmas and aren't completing until mid-Feb. Everyone was ready to exchange and wanted to exchange to get some certainty, but the person at the top couldn't move out in January. You can say you're happy to wait for completion but you want to exchange ASAP.

Panda78

pinkteapot wrote: »

Hassle the estate agent (of the house you're buying) - they can chase the chain and find out what the delay is due to.

Don't panic yet about the chain failing.

If the person at the top simply means that they aren't ready to move, you can have a longer gap between exchange and completion.

We exchanged before Christmas and aren't completing until mid-Feb. Everyone was ready to exchange and wanted to exchange to get some certainty, but the person at the top couldn't move out in January. You can say you're happy to wait for completion but you want to exchange ASAP.

Thanks, this seems to be the pattern mine is taking. Still don't know the reason for the delay, but the top of the chain is now saying they cannot move until a month's time.

I've agreed to this on the basis that we exchange within the next few days. Hopefully this will at least take a chunk of the stress away!