Delay in exchange/completion

Pinklady_3

We are at the bottom of a chain - not sure exactly how long the chain is though. We are FTB and are ready to go, we've signed all of the contracts and are just waiting to exchange. We were hoping to complete tomorrow, this was then put back to 14th Dec and we have now been told we are unlikely to complete before Christmas.
The people we are buying from are also ready to go but the person they are buying from is holding everyone up as their solicitor is trying to sort out a problem with the place they are buying. Our solicitor and EA have both chased.
We have found out that the problem is although the house is freehold, there is a leasehold interest in it. Could anyone tell me what that means please and whether this is likely to cause a major problem?
I am getting paranoid that the whole chain could end up collapsing! :eek:

Thanks in advance for any help anyone can give.

Doozergirl

Some parts of a chain take longer than others, it doesn't mean that there is necessarily a major problem. Something involving a lease will take longer than an outright freehold property as there are more enquiries. FTBs tend to be the first ones ready as well.

You should know how long your chain is though How long has the chain been up and running?