Stuck in a chain

Brigmeister30

Hi just wanting some advice please
We are at the end of the chain as first time buyers. We have all mortgage in place and have even signed a contract at the solicitors. There are two other people then the last people in the chain who are buying a new build. They have known for sometime that they are buying a new build which isnt ready until august but have said they will move into rented. However it was only last week that they were getting the mortgage offer in place! Its just starting to drag now as all the rest of the chain were sorted january/beginning of feb and i feel like they are going to try and put everyone off until august. Any ideas on how I could speed up the process?

[Deleted User]

I'd view their offer to go into rented with skepticism as unless they are able to go into a short term or holiday let, or are prepared to live with relatives, rental property is usually available for a minimum of six months. They may have offered this genuinely, but reality (that this will cost them a lot of money) will hit if it hasn't already. Obviously they don't have the same impetus as other people in the chain. We hear on here all the time of new build move in dates being delayed, sometimes for many months.

kinger101

Rented accommodation. That old chestnut. You'll be moving in August.

eddddy

Brigmeister30 wrote: »

Any ideas on how I could speed up the process?

Realistically, all you can do is threaten to walk away - and hope that transmits a sense of 'panic' up the chain, so that the people at the top go ahead and rent.

But, I wouldn't hold out much hope.

And it could backfire. Your sellers might start worrying about your commitment, and want to put their property back on the market.


It's all a bit of a game really.

csgohan4

have you exchanged contracts?

pinkteapot

They've got you over a barrel. They know that if you pull out now and have to start over again with another house, you may well not move until August anyway. Very little you can do, though you can try bluffing and see if they bite.

nubbins

kinger101 wrote: »

Rented accommodation. That old chestnut. You'll be moving in August.

Yep, they'll drag it out for a few more months. The problem is new builds are notorious for being late so it could end up being end of year. I had a new build once, due date was beginning Sept, moved in mid November. Check how long your mortgage offer is for.

Brigmeister30

My mortgage offer runs out at the end of june. Im not worried about getting another I just feel this is going to go on longer than we thought! As we have been told early may at the latest but i cant see that happening now. Would it be worth me ringing up the estate agents informing them our offfer expires in june then hopefully this will get the ball rolling as we love the house were moving into so we know we definately wont back out

kinger101

Brigmeister30 wrote: »

My mortgage offer runs out at the end of june. Im not worried about getting another I just feel this is going to go on longer than we thought! As we have been told early may at the latest but i cant see that happening now. Would it be worth me ringing up the estate agents informing them our offfer expires in june then hopefully this will get the ball rolling as we love the house were moving into so we know we definately wont back out

Yes....but don't mention you'll easily get another. What's also worth doing is looking for other properties you're interested in that don't have a chain. If you see one you prefer, buy that instead.

Jon_B_2

pinkteapot wrote: »

They've got you over a barrel. They know that if you pull out now and have to start over again with another house, you may well not move until August anyway. Very little you can do, though you can try bluffing and see if they bite.

I'd argue it would be the other way round. Whilst developers can be flexible a chain falling apart is something the buyers will not want. I'd be threatening to pull out without a doubt.

Hoploz

You said the new build is further up the chain ... You only have to be concerned with your own seller. Chains can be broken. At what point did August come up? Was that what they said when you made your offer, and you were in agreement with when you got as far as signing your contract? Or has it been subject to a delay? It seems a long time away.