Top of chain threatening to pull out

Noseflute

We had our offer accepted almost 10 weeks ago and are living in rented accommodation on a rolling contract so are at the bottom of a short chain. Our solicitor has been having problems with our vendors’ solictors, in that they have been skirting round simple queries and blatantly not answering them.

Our deposit is coming from the equity of a remortgage in a house we own that is currently being rented out. The lender’s conveyancers have been messing about over this for 3 months, but finally it is due to complete next week.

This week we have been pushed to complete on the 24th September, which is fine as long as our solicitor’s queries are finally answered and we can sign the contract.

We have today received the message that the person at the very top of the chain will be pulling out if we haven’t exchanged by close of business today. This is the first we’ve heard about any exchange date and we certainly haven’t had any pressure put on us to this extent previously.

So, as it stands we have no money for the deposit as yet, no contract and outstanding queries from our vendors’ solicitors. I’m going out of my mind with worry and really don’t know what we’re going to do

hazyjo

The EAs should be the ones trying to hold this chain together. Speak with your vendor's and see what they can do. Often a bit of reassurance and simple honest facts straighten things out.

SpiderLegs

Clearly you are not going to exchange by the end of today, so you’re not going to do anything.

AnotherJoe

Unless there's been a massive gap in communication then this would seem to be a ruse to get out without losing face since it's obviously impossibly short notice . As said get your EA to do what they can but there's only hours to go so if the threat is real the deal is off maybe you can go house hunting this weekend.
Edit : what happened ?