Is thia sale dependent on the seller completing the purchase of another property on the same day?

comedyseeker123

Seller ticked yes.

What does this mean?

Brodiebobs

You are in a chain.

So the people you're buying from are reliant on the house they are buying completing on the same day.

comedyseeker123

Is it good or bad? I don't know how this works.

ethank

You are in a chain!

ethank

MSE has a really guide which will explain everything - https://www.moneysavingexpert.com/mortgages/buying-a-home-timeline/

Brodiebobs

comedyseeker123 wrote: »

Is it good or bad? I don't know how this works.

Bad if it goes wrong.

Not meaning to sound patronising but you may want to do a bit more research on house buying! Link above is good.

comedyseeker123

Brodiebobs wrote: »

Bad if it goes wrong.

Not meaning to sound patronising but you may want to do a bit more research on house buying! Link above is good.

By stating 'you don't mean to sound like X' doesn't remove the fact that you are being patronising and you know you are knowingly treating me in a way that is apparently kind or helpful but that shows a feeling of superiority - knowledge isn't automatic, its learnt.

Your message could have been displayed in a more effective and kinder way by writing 'the above link has all the information you need when being in a chain. Hope that informs you fully of the situation, should you have any further questions that aren't answered in that Sticky, feel free to ask'.


And that link also doesn't show what a chain is.


So everyone needs t complete on the same day? So if the person they are buying from wont sell, im in trouble? Annoying.

hazyjo

I did not read Brodiebob's as patronising. I would have said the same thing. This is a huge amount of money and this is an extremely basic question which would lead me to suggest the very same thing. I will also apologise for not wishing to patronise you as you seemed to take offence. I'm also just concerned that you are very inexperienced. That is NOT something to be offended at, it's seriously not meant as an insult, it's a simple fact. If you ask a question like that (which it's already presumed that people will know it, so it wasn't even explained in the guide), I promise you you will have 101 more questions so it was a very wise suggestion to read the guide.

To explain a chain:

Imagine each party buying/selling as a link of a chain.

The person at the bottom of the chain needs to buy (and they have nothing to sell). The person they are buying off also needs to buy but also needs to sell (and so on). The chain can be short, or could be long. The person at the very top is the one not needing the money from the sale to buy another. It may be that they are cash rich, that they are going into rented, that someone has died, or maybe they're moving into their partner's property (prob lots of scenarios).

Most people will need the money from the sale of their property to buy another. Therefore, they cannot buy another before they sell.

Everyone in that chain (who is dependent on the money from their sale to buy another property) need to agree which day to complete on (done through EAs/solicitors). Once they have all decided/agreed (a tricky process!), the solicitor will agree a day to exchange contracts up and down the entire chain. Once that happens, the date to complete (get the keys) is fixed and cannot be changed nor can anyone pull out from the deal (well, they could, but there are massive penalties and it rarely happens).

A 'chain' can fall apart at any time before exchange. One 'link' may drop out and the whole chain beneath collapses (many reasons - they may just change their mind, may find a better property, may lose their job, may no longer need to live in the area they were moving to, may be ill, etc). The upper chain is sometimes held together while everyone waits for a 'new link'. Other times, it will collapse. Most people won't want to wait for a new link as it could take months so they re-market.

If you were selling a house and you had a buyer, and they had a buyer, say the bottom link (their buyer) dropped out, would you wait for them to find another buyer? Maybe for a week or three, but you'd probably re-market after that in the hope you'd find another buyer quicker, maybe one without a chain beneath them.

My last sale/purchase had 6 links. That was quite a long chain.

Nobody should start the buying/selling process until the entire chain is formed.

Please ask if you're confused - and please don't take offence when people are trying to offer help.

G_M

comedyseeker123 wrote: »

By stating 'you don't mean to sound like X' doesn't remove the fact that you are being patronising and you know you are knowingly treating me in a way that is apparently kind or helpful but that shows a feeling of superiority - knowledge isn't automatic, its learnt.

Your message could have been displayed in a more effective and kinder way by writing 'the above link has all the information you need when being in a chain. Hope that informs you fully of the situation, should you have any further questions that aren't answered in that Sticky, feel free to ask'.


And that link also doesn't show what a chain is.


So everyone needs t complete on the same day? So if the person they are buying from wont sell, im in trouble? Annoying.

and you need to be a bit less touchy! People are responding to help you.


Be grateful.


Now goout and buy


https://www.amazon.co.uk/How-Buy-House-Kirstie-Allsopp/dp/1444790633?SubscriptionId=AKIAILSHYYTFIVPWUY6Q&!!!!!duckduckgo-ffsb-uk-21&linkCode=xm2&camp=2025&creative=165953&creativeASIN=1444790633

babyblade41

Oh dear, yes we all have to learn but with this internet thing it's very easy to find anything you want to know.

Please do as much reading as possible and if you have already started the process make sure you have a good quality solicitor and not a churn out conveyancing outfit.

You will be shown the title of the property you are going to buy and you need to understand that what you see on the ground is what you see on the title

You can't blame everything on anyone else because of ignorance in the art of buying and selling, it could be a very costly mistake

comedyseeker123

Ok thanks for the reply.

I do take offence when people/someone doesn’t know someone and people think they should automatically know it. Each one of us had to learn this information, so we either teach each other or teach ourselves. To teach yourself is also asking other people, hence why I’m on this board. You don’t know, what you don’t know.

Secondly, when people say “I don’t mean to sound racist/patronising/sexist etc” they often do and they should form their words so their meaning is clear.

In reply to people thinking this is a “basic question”, if someone was to say “are you in a chain?” I would understand that question straight away.

I’m also asking for full clarity on the situation because I asked if there was a chain, and the estate agent said no, three times. So now I learn I am part of a chain. So what should I be asking the estate agent - how big is the chain? Or should I approach my solicitor?

As a buyer I’m also annoyed that I ask questions through the estate agent who isn’t help liable for false answers. Surely there is a better way.

I just hope that the sales go through ok, or if they don’t I can still buy the house and she will move into rented accommodation/delay completion.

And yes I am grateful that people do respond to my questions. I do also find that some people do need to be kinder in their words or skip to the next thread.