When should our patience run out?

FinallyStoppedLurking

Hi everyone, been lurking for a while and finally decided to register.
Bit of background. We sold out House last October and moved to a different area of the country. We have been loving with relatives whilst we find a house 

Towards the end of June we found a house and had an offer accepted at full asking price. The vendors didn't find anywhere and in August we'd started looking at other houses as there was no sign of a chain forming. End of August we get a call to say vendors found somewhere and chain was complete. 3 houses in the chain with the people buying house 3 pushing for it to be completed in 6 to 8 weeks. 

We commissioned searches etc immediately.

Today we found out the buyers of house 3 haven't even commissioned searches yet. I'm waiting to find out why and when they are going to.

We love the house but can't wait forever. What do we do if the chain collapses?

MovingForwards

Ask the one you are buying from to sell and move into rented
Or
Look for another property.

FinallyStoppedLurking

We asked that in August before we started looking again. We even offered them £2k  to do so.  They said no. 

Falafels

If the chain collapses you pick yourself up, dust yourself down and decide whether you love the house enough to hang on in there until it's complete again - or whether you cut your losses and walk. This is a question only you can answer.

It actually sounds as though you're in a very strong position, given that you haven't go a property to sell - are you cash buyers, too? And therefore extremely proceedable should you find another property? If I were in your position, I'd certainly start looking around....

FinallyStoppedLurking

My wife is really emotionally invested in the house made worse by the fact we have fairly recently found out she is pregnant. 

The issue is that we started looking last August. In 13 months we've only found 2 properties we love. The first fell through in March as the vendor was refusing to allow us to have some additional drainage surveys done. That cost us about £600 in fees.

We are quite particular in what we want as it will be our house for the next 20 years +. 

We have a 25% deposit looking at house around £400k. 

greatcrested

FinallyStoppedLurking said:

Bit of background. We sold out House last October and moved to a different area of the country. We have been loving with relatives whilst we find a house

Aren't there laws against that kind of thing????

Falafels

greatcrested said:

FinallyStoppedLurking said:

Bit of background. We sold out House last October and moved to a different area of the country. We have been loving with relatives whilst we find a house

Aren't there laws against that kind of thing????

Tsk. Keeps it in the family.

illbeurhuckleberry

It’s a tricky situation once you have parted with money. If the vendor declines further investigations- they have something to hide. In this instance your in a chain- keep chasing. It would be unrealistic to wait another 3 months. I’m sure the person at the top of the chain wants to avoid stamp duty.

Thrugelmir

FinallyStoppedLurking said:

Today we found out the buyers of house 3 haven't even commissioned searches yet. I'm waiting to find out why and when they are going to.

Perhaps they are still awaiting a mortgage decision. You effectively completed the chain. At which point they started the ball rolling. When did you receive your own mortgage offer. 

NameUnavailable

If the chain collapses you either do nothing and hope that the people up the line find another property to buy, or you start looking for another property yourselves. Until contracts are exchanged anything can happen.

FinallyStoppedLurking

Falafels said:

greatcrested said:

FinallyStoppedLurking said:

Bit of background. We sold out House last October and moved to a different area of the country. We have been loving with relatives whilst we find a house

Aren't there laws against that kind of thing????

Tsk. Keeps it in the family.

Haha. Was sat in the car typing waiting for a pizza. Need to be carefully with the typos!