Chain question/ 1st time buyer

london.cidade

Hi all

We are first time buyer. The vendor is on the chain.

Are there any way, like putting a clause to the exchange agreement, not to wait the vendor's chain process?

Paying 2k per month for rent..I have heard terribke stories on chains..

Thank you

ACG

You can put in deadlines for exchange and for completion. They may refuse them, there is nothing you can do if it goes beyond the exchange date. If it goes beyond the completion date, you can only do something if it is but in the contract at exchange fo contracts.

Speak to your solicitor to see what the options are.

Slithery

london.cidade wrote: »

Are there any way, like putting a clause to the exchange agreement, not to wait the vendor's chain process?

That wouldn't work, contracts are only exchanged when everyone in the chain is ready to progress.

Cakeguts

If you don't wait for the vendor's chain process the house will not be empty when you pay for it? Your vendor can't sell you the house until they have bought another one so all you can do is to say that if exchange hasn't happened by the time you specify that you will withdraw your offer to buy their house. You will then have to start to look for a different house. Looking for a different house will mean that you will still be paying rent until you complete the purchase on the different house and that could also mean being in a chain.

sulphate

Most people need to sell their house at the same time or before they buy another one, otherwise they wouldn't be able to buy another. You can always look for houses that are chain-free but often they are chain-free for a reason, i.e. probate sales or houses with tenants in which can throw up different problems.

Just one of the uncertainties of house buying.

G_M

london.cidade wrote: »

Hi all

We are first time buyer. The vendor is on the chain.

Are there any way, like putting a clause to the exchange agreement, not to wait the vendor's chain process?

Paying 2k per month for rent..I have heard terribke stories on chains..

Thank you

There is no 'exchange agreement', so no.

Until you actual Exchange Contracts there is nothing legally binding ( ie there is no contract).

You can informally ask that they exchange by a certain date, or move into rented, or anything else. They might

* agree, and stick to the agreement
* refuse to commit, leaving you to decide whether to proceed anyway or withdraw
* agree, and then later change their minds

That is just the nature of property purchase.

hazyjo

It may be you who holds things up - it would be you in the chain too, not just your vendor and those above them.


One buyer I had wanted to exchange within 3 weeks. We rushed it through our end, mortgage offer ready, survey done, etc - but due to problems further up the chain, it took 5 very long months.


You just never know...


As above, it takes as long as it takes. Turn everything around as quickly as possible, but the average takes 12 weeks so base your purchase on that timescale.


Jx