Advice on shimmying along rest of the chain

nervousftbs

We are FTBs and had an offer accepted mid June, we are the beginning of a chain of 4 with the final house being bought by an EA and the people selling it moving into rented. There is one EA managing the whole the chain (not the same EA buying the final property). We joined the chain late due to our vendor's previous buyers pulling out before exchange due to no longer being able to get a mortgage so the EA laid it on thick and pushed us to use all of his recommendations for solicitors and brokers as we needed to move as quickly as possible so that the chain wouldn't collapse. Ignored his recommendations and went with our own choice and although the EA was miffed with us for a couple of weeks, it all seemed fine. 

Fast forward 5 weeks, mortgage offer in place, all searches back and enquiries answered, viewed the property two more times and started measuring up and had a call from the solicitor yesterday to tell us to get one more payment into HTB ISA and then close as from our side we are 2 weeks away. Called the EA to update him and ask for one final viewing as stupidly forgot to measure things upstairs and he tells us the top of the chain are "messing around" and haven't even sent the contract pack yet. We know it's about 8-12 weeks from the pack being sent to completion as long as everyone keeps shimmying along but it sounds like they are on a go slow for some reason as the final vendor accepted the offer before we even viewed our house! 

The EA is very invested in this as he is managing all 4 property sales so he did say he would chase to find out what was going on but is there anything else we can do or should be doing? As far as I am aware, we are pretty much done and almost have our buyer's report and our vendors are the same we both thought we were about a week from exchange so this has come as a bit of a shock! We like the house and we aren't in a particular rush as we are on a rolling contract in rented, but I am just annoyed that we've been running around like headless chickens, made to feel as if it could all fall apart if we don't get things done instantly and yet now we are still months away. Do we just accept this is something that happens and just have to deal with it? Sorry for the long rant! 

cooltt

nervousftbs said:

. Do we just accept this is something that happens and just have to deal with it? Sorry for the long rant! 

A resounding yes, which is why lots of buyers (me included) will not even entertain the very notion of a chain. There's simply too many variables to go wrong and your priorities are not the same as other people's.

You've done your part and that's all credit to you, now you have to trust the EA can apply the right amount of pressure to the party (and there is always one in a chain) who need to get their act together. Then again that party might have legitimate questions not answered, you just don't know. It's a game of patience now i'm afraid.

nervousftbs

cooltt said:

nervousftbs said:

. Do we just accept this is something that happens and just have to deal with it? Sorry for the long rant! 

A resounding yes, which is why lots of buyers (me included) will not even entertain the very notion of a chain. There's simply too many variables to go wrong and your priorities are not the same as other people's.

You've done your part and that's all credit to you, now you have to trust the EA can apply the right amount of pressure to the party (and there is always one in a chain) who need to get their act together. Then again that party might have legitimate questions not answered, you just don't know. It's a game of patience now i'm afraid.

Thanks - we didn't want to be in a chain but we love the house and the EA told us it was completed and we were the last to join  - he didn't lie but we assumed that mean't it was us holding it up and didn't hear anything differently! 

So do we just leave it now or is it wise to check in once a week with the EA - I don't want to come across as pushy but it only seems fair given how much pressure was put on us to get things sorted! 

Slithery

nervousftbs said:

We know it's about 8-12 weeks from the pack being sent to completion

It's an average of 12 weeks at the best of times, it could take several months.

nervousftbs

Slithery said:

nervousftbs said:

We know it's about 8-12 weeks from the pack being sent to completion

It's an average of 12 weeks at the best of times, it could take several months.

But what holds it up exactly? Assuming all parties are motivated to get it done and dusted and the chain is complete (which it is). We have almost gone through it and from getting the contract pack to buyers report took will take just over 6 weeks, our vendor is on the same sort of time frame - all of the properties are in the same area and same age etc so other than something really out of the norm what could make it take several months? I know there has to be negotiation for the completion date so it works for all parties but we seems we are well away from that! This is a genuine question, I'm not being snarky. 

Tiglet2

nervousftbs said:

Slithery said:

nervousftbs said:

We know it's about 8-12 weeks from the pack being sent to completion

It's an average of 12 weeks at the best of times, it could take several months.

But what holds it up exactly? Assuming all parties are motivated to get it done and dusted and the chain is complete (which it is). We have almost gone through it and from getting the contract pack to buyers report took will take just over 6 weeks, our vendor is on the same sort of time frame - all of the properties are in the same area and same age etc so other than something really out of the norm what could make it take several months? I know there has to be negotiation for the completion date so it works for all parties but we seems we are well away from that! This is a genuine question, I'm not being snarky. 

Could be lots of things:
 EA buying at the top of the chain hasn't yet got a mortgage offer.
One of the properties is leasehold or freehold with a management company and a management pack is awaited or has outstanding enquiries.
One of the properties has various charges on the title (not the mortgage) which need to be redeemed before exchange.
The registered proprietor of one of the properties is not the person selling.
There is a discrepancy over name spelling, i.e. ID and Title differ.
There is a person named on a register of title who has died or is an ex partner and, either a Death Certificate or Probate is awaited or is proving difficult to contact and obtain their signature.  
Documents for signature require to be sent to two separate addresses and returned.
Paperwork is not provided, i.e. planning permission, building regulations etc and/or unwilling to provide an indemnity policy.
Outstanding enquiries not forthcoming because responses are awaited from a third party, who is not motivated to co-operate quickly.
Divorcing couple, one of whom doesn't really want to sell.
There are restrictive covenants on the title or perhaps rights needed to access land belonging to another, but not recorded on the title.
I could go on, but you should get the picture...........!

cooltt

nervousftbs said:

Slithery said:

nervousftbs said:

We know it's about 8-12 weeks from the pack being sent to completion

It's an average of 12 weeks at the best of times, it could take several months.

But what holds it up exactly? Assuming all parties are motivated to get it done and dusted and the chain is complete (which it is). We have almost gone through it and from getting the contract pack to buyers report took will take just over 6 weeks, our vendor is on the same sort of time frame - all of the properties are in the same area and same age etc so other than something really out of the norm what could make it take several months? I know there has to be negotiation for the completion date so it works for all parties but we seems we are well away from that! This is a genuine question, I'm not being snarky. 

Ignore @Slithery, just being a troll. It will not take several months, the majority of conveyancing work can be done from home as has been the case throughout this pandemic. The major hold up to the process was viewings which has now been relsolved.

Your not well away from anything really although it can seem like that during the process at times. A weekly update is reasonable but again this is the issue with chains, you really are at a point where it's going to cost finacially and emotionally to pull out. Just have patience and all of a sudden everyone is in a position to exchange. Things will move much quicker after that.

nervousftbs

Thanks @Tiglet2 - I actually did ask the EA if there were any issues we should be aware of like that - divorce, death etc as we didn't want to be in a "complicated chain" (not sure on the proper wording, or if there is any!) but they have told me the vendor at the top of the chain is motivated as they have already found somewhere to rent (sorry I should have mentioned that in my OP) hence why I was a bit confused as to why it could take so long when it seems everyone wants to get going with it! 

@cooltt - Thank you, I agree, we aren't in a position to pull out, we love the house too much so it's just a waiting game as you say, think I am just feeling frustrated but that's house buying, I knew it was all going a bit too smoothly!!