Link of Chain Fallen Out...What to Do?

tightasagnats

I'm in a house buying chain....was like this:

1st time buyer.....my buyer's buyer.....my buyer.....me......my seller (empty property)

My buyer's buyer has just pulled out :eek:. We were quite far down the line, surveys all done, finances done, (it was a leasehold pet clause that caused them to pull out).

I found out on Monday, so EA said wait a week, my buyer reduced her flat price, let's see what she gets. She's very keen to but my flat. Last night I discovered her flat was actually reduced May 23rd, so 2.5 weeks ago, so agent is now finding out what the deal is, if she's got viewings/2nd viewings/offers. She delayed letting us know for a bit.

Should I get mine back on the market? I could get a first time buyer and shorten the chain. My flat in London is a good price for first timers (relatively speaking) and is the entry level in this area for Victorian properties with 2 beds and a garden - whereas hers is about £130,000 more, so less affordable to first timers.

I'd like her to buy it, ideally, but feels very risky. My seller will likely be OK to wait, it was empty for several years and she has been in no rush so far. I think she's had health issues, and had no other offers (or surveys done) at the time she accepted mine mid April.

I know you can't tell me what to do, it'd just be nice to have your thoughts while I wait this one out a day or so for updates from EA.

Thanks

ACG

Someone in the chain could chain break and get a bridging loan - but they are not particularly cheap and you would normally need a decent deposit - 5-10% deposit would not normally be enough.

You could find a new buyer or if everyone is in agreement you could hold fire. The chain I was involved in had issues with my buyers solicitors. It was very stressful but everyone held firm and it all panned out fine, just a month later than planned.

tightasagnats

Thanks. I'm not too familiar with bridging loans. My deposit will be 70% but is from sale of flat. I wouldn't go down that road myself, but I guess my buyer could.

I can wait a month or two more, no problems, we need to check with my seller.

DumbMuscle

Set a time at which you will put your house back on the market if she's not had a further offer, with the understanding that once it's back on the market, it's a race between her completing the chain and you finding a first time buyer.

Your seller is OK to wait - is there any reason you can't wait?

tightasagnats

Good news, she's had a cash offer, she's negotiating a bit more so in next day or so will know if it's a goer.

That's good advice DM, and yes, I can wait, but I teach and so ideally want to complete by end of August. Also my mortgage offer will expire in August though I think you can extend a month, and some of my work in on a temp contract (3.5 hrs a week) which I'd like to stop doing so just be good to get it done with the current mortgage offer.