Putting offer in property chain

pawkldn

Hi me and my partner are first time buyers, we found a house we liked viewed today and are considering putting an offer. The seller said they haven't found a house they like yet and haven't really been looking as they said they can't put an offer without having an offer on their house accepted. Is that a common situation and would it be reasonable for us to put an offer? And if the offer is accepted when would be a good time to instruct solicitor to do searches and arrange mortgage valuation? Should we do it straight away or wait until his offer on a new house is accepted

hazyjo

Yes, it's normal. Chains usually form from the bottom up and not many people would take an offer seriously from someone who needs to sell and doesn't have a buyer.

By all means appoint a solicitor, but don't instruct them to begin work until the entire chain is formed.

pawkldn

hazyjo said:

Yes, it's normal. Chains usually form from the bottom up and not many people would take an offer seriously from someone who needs to sell and doesn't have a buyer.

By all means appoint a solicitor, but don't instruct them to begin work until the entire chain is formed.

Thanks for that that helps a lot. Would you also wait with mortgage application and mortgage valuation surveys until the chain is formed?

hazyjo

Yes, leave everything. If the sellers don't find anywhere (or those above them don't!), they may decide to wait and take their property off the market.

And if 3 months later they're still looking, you may well want the option of pulling out.

If you start anything that costs money, it will be money down the drain.

Your mortgage offer will probably only be valid for 3-6 months too, so no point in doing it right now.

Once the chain is formed, start. It's likely to take roughly 12 weeks from that point.

pawkldn

Is that an information I can get from the EA?

hazyjo

pawkldn said:

Is that an information I can get from the EA?

Not sure what you mean - about the chain being completely? Yes, they should keep you informed. But do keep in touch with them to remind them you're still around and haven't given up.

pawkldn

Yes that's what I meant thanks for your help

Hannimal

I wish I had read this thread earlier. I have made an offer and I have instructed a solicitor, am sorting out mortgage etc but I don't know what is happening at the next step up on the chain. I've no idea if my seller has a house sorted (they said they found somewhere but not sure if they've an offer accepted etc). I am really worried about losing money at this stage as I am already on a tight budget  

eidand

pawkldn said:

Hi me and my partner are first time buyers, we found a house we liked viewed today and are considering putting an offer. The seller said they haven't found a house they like yet and haven't really been looking as they said they can't put an offer without having an offer on their house accepted. Is that a common situation and would it be reasonable for us to put an offer? And if the offer is accepted when would be a good time to instruct solicitor to do searches and arrange mortgage valuation? Should we do it straight away or wait until his offer on a new house is accepted

I would wait. The seller could have at least viewed some properties, that takes a while. I'd be concerned they're not serious about selling and will simply waste your money. I would not instruct a solicitor until the sellers are instructing theirs on their purchase. I'd also keep looking, many houses sell without an onward chain. 

quotememiserable

In the meantime, I'd carry on looking at houses to see if you can find one that's easier to buy.