Slow seller risking chain collapse - options

woofdonkey

Two of the three parties in our chain have an immovable deadline of mid-February for completion. The third has been slow to proceed throughout and now seems to be in danger of causing chain collapse.

They delayed instructing for 5 weeks at the start and have been stalled on getting answers to their last 2 leasehold questions for 3-4 weeks. We have 2 weeks left to exchange and complete.

Their EA says they'll aim for completion on the last possible day. Our solicitor then made enquiries with theirs, and their solicitor had no knowledge of the date the EA was promising.

The slow party refuses to rent. The other two parties have family situations/ health concerns etc that would make rental impossible.

I realise we are probably powerless but just wondered if anyone else has been in this situation and could give us some tips. Short of asking who their management company is and chasing them myself, I'm all out of ideas.

Thrugelmir

Said in a polite manner, tough. The vendors like the other parties in the chain will have their agenda. Having immovable deadlines isn't their problem to resolve. Completion cannot be set prior to exchange. As there's no way of quantifying issues that may arise during the process. Property transactions throw up any number of curved balls.

They delayed instructing for 5 weeks at the start

Start of what precisely?

Bossypants

First, you accept that you can't make this happen any faster than the slowest party in the chain wants it to (and it might not even go as fast as that). Then you can consider the options which are left to you. Unfortunately they aren't great:

- Grit your teeth and make plans to wait it out
- Tell your vendor that you'll go back on the market if completion doesn't happen by X date (and be prepared to stick by it)
- Go back on the market now

As someone also currently mired in the middle of a three link chain, you have my deepest sympathies regarding the whole process, but unfortunately there really isn't much more you can do.

Tiglet2

What on earth is an immoveable deadline? With the greatest respect, you don't know at the outset what issues might be thrown up along the way, so ultimately the deadline can only be set when the solicitors agree that they are satisfied with everything they have found out about the property. Of course, they will take your preferences into account but if the solicitors have not completed their due diligence in time, then the completion date will be delayed. The chain moves at the rate of the slowest party - in your case the Management Company and to be honest, leasehold properties do throw up a lot more issues than a freehold property so will naturally be the slowest.

woofdonkey

Thanks Bossypants for your helpful comment. We agree we have few options. It seems to be a question of when we pull the plug and how long we leave it.

woofdonkey

The immovable deadline is surgery. Could we tone down the aggression a bit in the replies please.

Tiglet2

Unfortunately that won't influence the solicitors if the chain is not ready.

woofdonkey

I realise that, my question was to others who had been through this as to any further tips to move forward. I wasnt asking for a way to bypass the legal process.

eddddy

woofdonkey wrote: »

Two of the three parties in our chain have an immovable deadline of mid-February for completion.

So what will happen if somebody else in the chain isn't ready to complete on that date, or refuses to complete on that date?

If those two parties decide to put their homes back on the market, they almost certainly won't complete by mid Feb.

woofdonkey

The other two parties have been ready to complete since mid December.

eddddy

woofdonkey wrote: »

The other two parties have been ready to complete since mid December.

Yes - but my question is: You said:

woofdonkey wrote: »

Two of the three parties in our chain have an immovable deadline of mid-February for completion.

How can it be an immovable deadline? What will happen if the third person decides not to complete in mid-February?

Won't it just be the case that the sale completes at the end of Feb or during March?

Or will everyone give up and stay in their current homes? Or what else?