In chain - Advice with where we stand please

aries11w

Hello all,

First time i'm posting on here but hope I can get advice on whether I should be panicking or not!

There are 3 of us in a chain of sale

My Buyer - Cash buyer and wants to move in ASAP - my is a shared ownership sale on open market which incl. 100% staircasing

Us - Dependent buy on sale of flat

Sellers - Originally said they are happy to rent but have now reserved a new build - Developer is pushing them for end of March Exchange and moving in end of April

To our problem... they say shared ownership sale will take up to 12wks - other parties want to move end of April and our sellers are being pushed to exchange contracts by 27th March - obviously there is no way we will be in a position to exchange end of march, we will be hard-pushed to exchange by the end of April given predicted timelines.

So we don't lose our house i've been looking into Bridging loans etc.

But is the Developer pushing our sellers our problem? Should it be them looking into bridging loan in order to keep to developer timelines and not us?

In yoru experience, will our sellers lose their new build house if they can't stick to Developer's exchange timeline?

We have found our dream house and our mortgage and selling is going through - just a problem with timelines. We don't want to lose this house.

Any advice/experience you could give to put my worries in perspective would be much appreciated.

Thanks

Tim_Bisley

Bridging loans are horrendously expensive. Also no guarantee that your purchase would go through in the 12 weeks, so could leave you considerably out of pocket.

Best thing to do is push as hard as you can and be as open as possible about expected timelines.

aries11w

Hi Tim,

Thanks. I will push very hard to get things moving as soons as is possible - but should I be worrying about the seller pushing for exchange because of New Build Developer's timelines?

Thanks

jonathanrolande

Beware a bridging loan – a lot of people have regretted that one!