Incentive for sellers to wait after problems in chain

Hokuspokus

Hi all,

I'm currently in the process of buying new house and selling a shared ownership flat - We were aiming to move in 4 weeks time. All was going well until today 😩

We had got to the point of having signed the draft contract for the sale of our flat however our buyers have pulled out.

The housing association (who own a share in our flat) are allocating a new buyer tomorrow, then the process of their purchase begins again.

The estate agent is insistent that the owners of the property we are buying want a quick sale (which now is less likely to happen)

We are desperate not to lose the house we are buying because of delays in our chain.
What we need to know is, if the sellers are not willing to wait is there any way we could offer a financial incentive for the seller of the house to wait for us?
What I mean is, if we can't complete by the end of the month can we offer to pay their mortgage for that following month?
Is this common practice or anything that anyone has done before?

Any advice on preventing a collapsing chain? Or selling shared ownership properties? Much appreciated.

FYI. No chain in the house we are buying and only first time buyers are able to buy our shared ownership flat, so no long chain.

martin.cat

At the end of the day sh it happens. As long as you've been honest they will just have to deal with it. If you have another buyer lined up it shouldn't be too problematic. Let's face if they put house on market they will have to wait longer

highguyuk

Same as above, they will only shoot themselves in the foot if they re-list the property as they will have to start the process all over again.

I'd just keep providing regular communication with them - no-one likes not being kept in the loop.