Was meant to exchange contracts today, runined by ever increasing chain :(

indielad1010

Bossypants wrote: »

It's very frustrating, but the fact is that, even if you start afresh with a 'cash buyer', you'd struggle to be completely certain that they genuinely are what they claim to be, and that you won't end up in a similar situation down the line.

I think with cash buyer's you can ask for proof of funds? I should've asked the EA to obtain proof the chain was short I guess on hindsight.

indielad1010

Thrugelmir wrote: »

Hardly surprising. If the vendor (your buyer) hadn't agreed on a forward purchase. Setting expectations at the outset without understanding the process. Was unfortunately going to result in frustration. Completion dates cannot be objectively set until well into the process. There's no knowing what might arise.

We were well into the process, I don't know how further into the process you can be than th,e agreed by all parties, exchange of contracts day, without being commited to the completion.

indielad1010

Fosterdog wrote: »

If you need to move closer to your mother sooner rather than later could you look for a rental in her area, and then you are no longer worrying as much about needing a buyer urgently. If you can get a 6 month AST and then go periodic it will be easier for your onward purchase as you would be chain free when you find another place to buy.

Also you didn't sell your house in August, you accepted an offer in August, it is not "sold" until completion happens.

I believe the correct term is SSTC. I can't afford to rent and a mortgage!

Bossypants

indielad1010 wrote: »

I think with cash buyer's you can ask for proof of funds? I should've asked the EA to obtain proof the chain was short I guess on hindsight.

You can, and there's a decent chance it'll be fine, but there's always the possibility that the money is locked up somehow and they can't get to it, or they change their mind and decide to sell a property halfway through the transaction, or they are very slow to get anyhing done, or they are just very finicky and want a million surveys done, then gazunder you just before exchange.

I'm not saying this to spook you - the problem with these transactions is that you almost never know exactly what is going on with the other party, or how it might affect you in the long run. At the moment, you have a buyer and although they have not been completely straight, your chain does seem to be formed and moving along. When it comes to selling, especially in the current climate, that's not something to be dismissed lightly.

xylophone

Would it be possible to move in with your mother on a temporary basis while you wait for your sale to complete?

Thrugelmir

indielad1010 wrote: »

We were well into the process, I don't know how further into the process you can be than th,e agreed by all parties, exchange of contracts day, without being commited to the completion.

3/4 weeks to obtain a mortgage. Possibly 5 weeks to obtain all the searches. That's around 2 weeks past your timetable. Without solicitors even starting their enquiries and handing the legal aspects for the lender.

indielad1010

No, because I have 2 hyperactive labradors. Her white blood cell count is down from the chemotherapy so can't go near them. The plan was I'd buy a house 5 minutes walk away, my girlfriend would move in and look after the dogs in exchange for being rent free, and I'd look after my mother at the times she needs help

indielad1010

Thrugelmir wrote: »

3/4 weeks to obtain a mortgage. Possibly 5 weeks to obtain all the searches. That's around 2 weeks past your timetable. Without solicitors even starting their enquiries and handing the legal aspects for the lender.

I didn't give any ultimatums regarding dates with my buyer when he made the offer. I simply asked him to go as quickly as he could e.g. getting forms in, phoning solicitors occasionaly to get everything moving etc. The dates were mutually agreed at later dates, which he hasn't been able to achieve becase a) he gave misinformation on the stage of his conveyancing b) the chain is larger than either him or his buyer(s) let on.

Tiglet2

The problem is that for anyone moving, no matter what the reason is for needing a quick move (and obviously many reasons are completely understandable and genuine), the legal process takes as long as it takes. There is no set date for exchange and completion. No indication of timescales can be given until the chain is complete and everyone has provided all the paperwork and had their mortgages agreed, searches and surveys back. Only when all paperwork can be looked at by all the respective solicitors/conveyancers representing all those people connected in the chain, can they give an estimate of how long it is likely to take. Until then, all guestimates of "exchange dates" are just wishful thinking.

indielad1010

Tiglet2 wrote: »

The problem is that for anyone moving, no matter what the reason is for needing a quick move (and obviously many reasons are completely understandable and genuine), the legal process takes as long as it takes. There is no set date for exchange and completion. No indication of timescales can be given until the chain is complete and everyone has provided all the paperwork and had their mortgages agreed, searches and surveys back. Only when all paperwork can be looked at by all the respective solicitors/conveyancers representing all those people connected in the chain, can they give an estimate of how long it is likely to take. Until then, all guestimates of "exchange dates" are just wishful thinking.

I completely and utterly undestand the conveyancing process timeframe can be variable due to numerous factors. However, I'm sure you won't disagree, the longer the chain is, the more likely it is delays will occur or collapse.It is therefore preferable during a family emergency to seek the shortest chain available . It was my purchaser's and their purchaser's suggested date to exchange contracts today, it wasn't mine. Only to find someone I didn't know even existed was bolted on to the chain who wasn't ready to exchange, which reason I don't know why.