Should I break the chain?

es123

Hi all,

I am a FTB and in a position to exchange, and bottom of the chain.

Our Vendor is being really slow in getting their house (so to speak) in order. Their solicitor is giving really vague answers in response to me asking when they will be ready to exchange?

They said that they are waiting on inquiries but then not telling me what they are or how many are outstanding?

A week ago everyone named the 16th of July as a completion date....so I don't understand why they can not exchange or even name an exchange date? I feel as though they simply agreed to the 16th to shut me up.

Should I set them a deadline to exchange by? They have already had 1 sale collapse and now I can see why!

I have no interest in firstly being messed around, or paying rent any longer than I need to.

any tips will be appreciated.

Wanton

When was the offer accepted?

You say you don't want to pay rent any longer than you have to, but bear in mind if you do pull out you're still going to have to pay rent until you find somewhere else and complete on that.

Annie1960

Solicitors will not exchange until everything is in order, so you will need to wait.

If you don;t want to wait, then pull out and find somewhere else, but I suspect the same thing will happen. You need to be patient.

pinkteapot

How long is the chain? I.e. is your vendor buying somewhere, and are they buying somewhere?

Everyone in the chain has to exchange on the same day. So you need to wait for everyone who's buying to be ready to exchange, not just you.

Did everyone in the chain (all the people above you) agree to aim for 16th July for completion?

es123

Thank you all for the replies...will try and answer the questions:

1 - the offer was accepted in Mid April! 20th to be precise.

2 - the chain has 3 in. The Vendors purchase is where the inquiries are coming in.

4- Yes all parties agreed to 16th completion, which baffles me more. If they are no closer to know exchange....how can you know completion?


3 - I appreciate the rent factor, but I'd rather deal with a group of people who actually know what they want. Maybe it's my outlook on life but as far as I am concerned, if you want something bad enough you need to make it happen. You can't just amble along.

PasturesNew

That's really no time to wait at all. I offered 3 weeks before you and only just exchanged - and I'm a cash buyer with a straight forward me+them.

tom9980

so 2 1/2 months since offer accepted.

Your in a chain so multiple problems are more likely.

Mortgage rules have tightened with everything being triple checked.

Solicitors who make sure every box is ticked before allowing exchange. example mine wanted gas certificates despite me telling him its no problem i have multiple plumbers within the family who can sort any issue for parts only.

The average house sale takes 12 weeks/3 months.

My recent purchase took 3 months, 1 mortgage involved just me and my vendor who was moving into an empty new build with no hurried timescales.


So who is being unreasonable here? i think it might be you. By all means push and prod all parties but you are seemingly impatient.

kingstreet

es123 wrote: »

Yes all parties agreed to 16th completion, which baffles me more. If they are no closer to know exchange....how can you know completion?

You can't exchange contracts without an agreed completion date and you also can't exchange until all the paperwork is in and acceptable to all the parties.

Taking your ball home after a couple of months means you are going to start all over again. Who's to say the same won't happen on the next purchase?

Do you have anyone, such as a mortgage broker, managing your expectations?

pinkteapot

Everyone can work towards a completion date. It's not confirmed as definitely going ahead until exchange, but you need to know the date before exchange, as it's written in to the contract.

Exchange can happen right up to completion. If anyone in the chain wants a fixed period between exchange and completion (e.g. we said we wanted a minimum of four weeks), then the completion date may have to be put back to accommodate that, but if not then you could end up exchanging the day before.

Lord_Baltimore

I would break a chain if there was something wrong with the house but not because the process is taking time. House buying/selling takes the time it takes and, even though everyone moans about them, solicitors are working to rightly protect their clients and that includes you.

I would be patient unless it becomes obvious that the chain is going nowhere. You could hit the same problems on your next deal and never get your foot on the ladder.

You are an FTB; this is just how it is and its why we all come here for advice and to moan!

es123

Hi guys,

thank you all for your responses.

I guess my issue is the vague answers coming from their solicitors. I will stay patient (or at least try to) and seek some more detail on delays early next week.

Cheers!