Chain collapsed to see house; but still want to buy

janemk46

I’m over-65 and had an offer I made accepted on a retirement flat which is in a good location, so I don’t want to lose it. But my chain collapsed yesterday, and while I am optimistic that I’ll re-sell, I wondered what are the short term options for borrowing money so I can go ahead with the flat without having to rely on selling the house.

hazyjo

Do you have a substantial amount to contribute to the purchase, or are you solely relying on the monies from the sale of your current property?

Everyone's confident they'll sell quickly, btw. I'm yet to hear someone on here who thinks their place will take ages to sell lol.

Do you work/have an income?

Personally, I'd see if they'll wait for you to find another buyer without remarketing the flat. Maybe try to persuade them to give you three weeks or something. I would be reluctant to offer longer than that as a seller.

Good luck.

Jx

dominoman

You can get bridging loans, but they are very expensive.

Best option would be to explain to the retirement flat vendors and ask for a short extension. When you remarket your house you could ask the agent to only accept buyers who are chain free and willing to move to exchange quickly, say within a month. That may reduce the price you get a little but if your house is in a hot area it might be worth it.

Good luck!