FTB - Chain not moving!

Mudgarden

Hi,

I am a first time buyer and had an offer accepted on a property in October 2015 but feel I am no closer to an exchange so I'm after some advice! I'm in a chain and the the owners of the house I'm buying have been really helpful, and we're on the same wave length. We've met a few times and text/call.

The problem is the third property in the chain. They are relocating to the other side of the country and EA told us they needed to move by February which made everything sound so simple/tempting when putting in an offer. February is nearly over and there's been no developments (the same EA is selling both houses btw).

Both mine and the vendors paperwork is in order, solicitors have been helpful and we're both ready to go and basically waiting for the phone to ring.

It seems the family moving across the country are looking for a very specific property, because we were told they have been going down most weekends since October to view properties. I'm now feeling like it's all a bit flaky and maybe they're in no rush to find a place.

I have no immediate rush to get in the property but don't want it to drag on and miss out on others, or find that it all falls through and I'm facing higher property prices. I don't want to threaten looking elsewhere, but what can I (and possibly the vendor) do to get things moving?

Any advice will be greatly appreciated!

Thanks

Mudgarden

Also, my mortgage offer runs out in april!

Pixie5740

There is nothing you can do to get your vendor's vendor to !!!! or get off the pot. Your vendor could put pressure on their vendor to hurry up and find somewhere or go into rented accommodation. Alternatively your vendor could go into rented accommodation allowing you to exchange and complete.

You don't have to threaten to start looking for another property you could just do it without telling anyone whilst keeping this iron in the fire. Then, if you do find somewhere else you like you can say to your vendor, "it's now or never."

It might be possible to extend your mortgage offer.

danslenoir

Unfortunately, other than letting your vendor (and in turn the third party) know that you will withdraw/start looking for properties if exchange hasn't happened by a certain date, there's not really much you can do to make the third party move any faster.

[Deleted User]

Mudgarden wrote: »

Also, my mortgage offer runs out in april!

Talk to your mortgage supplier then! Get them to extend your offer

This stuff takes ages and it's hard as a FTBer to feel like you've got no control. If you think this is bad you should try being in the middle of the chain trying to buy and sell, hoping that your buyers don't pull out for some silly reason like it is taking too long.

danslenoir

Pixie5740 wrote: »

You don't have to threaten to start looking for another property you could just do it without telling anyone whilst keeping this iron in the fire. Then, if you do find somewhere else you like you can say to your vendor, "it's now or never."

I think OP would be better served to keep their vendor in the loop. If vendor is aware that there is a danger the chain will be broken if exchange doesnt happen by a certain date they will (i) be more inclined put pressure on the vendors higher up the chain and (ii) have sufficient time to consider alternatives e.g. moving into temporary accommodation.

Surely this is more likely to result in a positive outcome than an out-of-the blue 'now or never' ultimatum.

Mudgarden

ringo_24601 wrote: »

Talk to your mortgage supplier then! Get them to extend your offer

This stuff takes ages and it's hard as a FTBer to feel like you've got no control. If you think this is bad you should try being in the middle of the chain trying to buy and sell, hoping that your buyers don't pull out for some silly reason like it is taking too long.

Thanks for the reply, I have spoken with my broker and fully aware that the mortgage offer can be extended - but I don't understand why time is a silly reason?
Properties in the area are going up and up - if I don't secure a house at the price I have offered I might not get one at all if it all falls through in a few months. Vendor needs to get moving too - everyone moves for a reason so sure time is a key factor in most sales? As I said, we all bought into it expecting it to be wrapped up in Feb.

always_sunny

have this family even found a property and put an offer on? If not, it may take 2 months from that moment on :eek:

I would look for other chain-free properties in the meantime just to get an idea... I could not stay all these months without a plan b, even if you are not in the immediate need to move you just want to be done and dusted with the ordeal!

the family could move into a rental property out there and look more actively once on site

Hoploz

If prices are on the up then you are buying at a lower price than you would if you found something else?
Best to just sit it out.

questionss

We are middle of a long chain. Our vendors vendor was also apparently looking since November. They have just taken their house off the market - I told the agent just prior to this that although we were fully keen to continue with our purchase we were also starting to look actively at what else was out there. I'm glad that may have triggered them to pull the out as hopefully things will move one way or another now!

In our case there is also some of what Hoploz says going on... The lower chain has been in place so long that they've actually raised offers! This was before we came along!

pinkteapot

To others in this situation - try to resist pressure from the EA and avoid applying for your mortgage or instructing your solicitor until the chain is fully formed. That means starting with a FTB/cash buyer and ending with a chain-free property.

There is simply no point doing all your work beforehand. Even if you do, once the last buyer/seller finds their seller/buyer, they need do all their paperwork. Everyone can just do it at the same time, once the chain is formed.

If you get started earlier, you simply risk wasting money on mortgage applications, surveys and solicitors.

When we last moved, we didn't apply for the mortgage or have our solicitor start work until the chain was sorted. We had an AIP and told the EA which lender and solicitor we'd be using. If you sound organised and positive, they'll know you're not just time-wasters.