Im in a chain.........get me out of here!!!

novice123

Since August 20th I have been in an " end of chain" ( 4 people above me), I am ready to sign.. and exchange however I have been informed that everybody has to be ready to sign at the same time to complete the chain. I can see this taking ages!!!! some one please help me, my estate agents is crap! any advice??? Should I look for another property??? I am so confused, I have paid so much fees already and the house that I wish to purchase has a vendor who has created a chain with 4 people above me.

Please help!!!!!!, I cannot wait for longer than November as my mortgage offer ends in December.

Trying_to_be_good

Sympathies - this is what buying (and selling) property is like, hence it's considered one of life's most stressful events.

You can ask you solicitor where others in the chain are at, they won't exchange contracts until everyone is ready as that's the point at which the sale becomes legally binding in English (and Welsh?) law - after that you (or any other party) would need to pay the 10% deposit to pull out of the deal.

Make sure your solicitor knows your mortgage offer expiry date, but that's a way off yet. Some people exchange and complete on the same day, normally there's a bit of time in between when everyone sorts out their removals etc.

Good luck with your purchase - a 4 part chain isn't that long, so not worth pulling out unless you don't want the property. You're unlikely to complete on anywhere else sooner than thiss one.

novice123

That's so soothing, I thought 4 people being above me was HUGE! I really want the property however im scared I will loose my mortgage offer in December. You think I have a good chance considering everyone within the chain other than me being at the very bottom end the chain in early September. Also 1 or 2 vendors have to have there searches done.

deaston

We're in a similar position whereby the chain below us is itching to go, but the owners of the property we're buying still haven't found anywhere to buy. They haven't even returned any paperwork to our solicitor so even small things like the searches still haven't been done on the property we're hoping to buy. We've spent £3,500 so far in fees so all we can do is wait... and hope!

marksoton

deaston wrote: »

We're in a similar position whereby the chain below us is itching to go, but the owners of the property we're buying still haven't found anywhere to buy. They haven't even returned any paperwork to our solicitor so even small things like the searches still haven't been done on the property we're hoping to buy. We've spent £3,500 so far in fees so all we can do is wait... and hope!

If none of the above have happened yet how have you accrued £3,500 in fees?!

PasturesNew

When I bought - not in a chain and I was a cash buyer - it took 3 months from start to end. You're hardly into the process. Often "nothing happens at all" from the viewpoint of the buyer, until suddenly stuff starts to happen.

You are 6 weeks in. Often that's the bit where nothing seems to happen.

I hope you love this house ..... you'll never move again will you

amnblog

Normally somewhere in the chain there is an Agent that is a little more active that seems to organise everyone else.

Why we do not run a Scottish style system is most likely due to the income wash from failed sales that would be lost to property professionals.

Thrugelmir

novice123 wrote: »

my estate agents is crap! any advice???

What do you expect your EA to do. Those above you started the process after you. Six weeks isn't long in the scheme of things.

deaston

Mortgage fee: £495, Solicitor deposit: £1,000, valuation fee: £795, building survey: £1,200.

novice123

So, I take it the chain is not complete. Apparently my chain is complete all buyers have found there offers, however there is not concrete update and we are not kept abreast of the current situation. The other buyers have not had the searches done, etc. It will be a long waiting game, I am hoping not.

novice123

novice123 wrote: »

So, I take it the chain is not complete. Apparently my chain is complete all buyers have found there offers, however there is not concrete update and we are not kept abreast of the current situation. The other buyers have not had the searches done, etc. It will be a long waiting game, I am hoping not.

How long is the chain??