End of chain buying lease

Akahotpot

Hi all
Piece of string question sorry

I have sold my house and moved in with family while my house purchase catches up
Yesterday after chasing up my solicitor I was told the chain was not progressing very well but they had no more info.
I am in contact directly with the seller so asked what the issue is and he has replied that the house he is buying was listed as freehold but seems was lease and now the owner is buying the lease to correct the mistake

This doesn't sound like a thing that could be turned around quickly and no one seems to want to commit to a likely time frame

I am ok where I am in short term but of course I dont want to inconvenience my sister and brother IL long term
its only been 7 weeks since my offer

Any insights please on likely time frame please

G_M

It can be done pretty quickly is all the parties involved (leaseholder, freeholder, Manco if any, Land registry, various solictors) work together and get their fingers out.

If one or more of them delays, it can take weeks. Or months.

JoJo1978

Average house transaction lengths when there is a chain are about three months, so only 7 weeks in you're about half way through that. But if the chain above is long and there are complications, as it sounds like, it can easily stretch to 4-6 months.

No one will commit to a time frame because they can't. The legal issue that needs sorting is out of everyone's control, so they perhaps don't know how long it will take.

Your options are to sit it out, probably go into rented rather than continue to lodge with family. Or walk away before exchange and suck up the fees spent so far. It depends how much you want this particular purchase and how long you'll stay in it for, what you've bought it for etc.

You could ask family outright how long you're welcome for. Let the current situation continue but start to look at other houses, the volume of listings is likely to pick up as Feb progresses into March. Good luck

eddddy

It doesn't tend to be the legal process that causes delay - it tends to be the negotiation (and/or tactics, disinterest by the freeholder etc).

For example...

The freeholder realises that the leaseholder is desperate to buy the freehold, because it's holding up a whole chain of purchases.

So the freeholder sees an opportunity to make money, and asks for a 'silly price' for a quick sale the freehold.

etc, etc

Akahotpot

Food for thought

My sister says I can stay for as long as I like empty rooms due to her kids flying the nest (might get fat from all the home cooking though )
I work full time and have daughters and grandchildren so am out a lot
Already lost 1 house when my 1st buyer disappeared when it came time to sign contracts so already lost money
I started this house moving lark in June 17

So as said sit tight for but monitor the market ,might just target vacant properties if this falls through
Thanks

becominganobsessivesaver

We've just bought our freehold, started beginning of September, got a price one month later (which we agreed with minimal negotiation). Transaction completed at the end of January. Main delays were the fact the freeholder wasn't in a major rush, so took a month to return anything. Our paperwork was done by the end of November.