Top of chain house removed from market

DairyQueen

If your vendor is unwilling to break the chain then they are not that bothered about moving before the SDLT holiday ends. Nor are they that concerned about finding another buyer. What happens above your vendor in the chain is their problem.

I would be prepared to walk away. Vendors are the main beneficiaries of the SDLT holiday as asking prices have risen and swallowed-up a tax break that was supposed to benefit buyers. You (at the bottom of the chain) will be paying an inflated price to the vendor with no corresponding hike from a property you are selling. 

Prices are already falling, and are likely to drop further after 31st March. There is always another property and it's unlikely your vendor will achieve the same selling price after 31st March so good luck to them if they aren't prepared to do what's necessary to make that extra profit.

Paying them a (additional) premium to accommodate their refusal to break the chain is crazy. You are already paying over the odds. If your vendor doesn't understand that then they are foolish and dealing with stupid isn't worth the hassle.

mbugsy18

Thanks for all the comments and thinking about it is a stupid idea. I just felt with this purchase it was going to get to the finish line and just felt the rug had been pulled away from under me. I will see what Monday brings and I have organised a few viewings over the weekend. 

AnotherJoe

mbugsy18 said:

Ok, I think I shall be patient and see what the weekend brings. But glad it’s an option to offer to pay to go into rented accommodation although I don’t think I could offer much as then any savings from SDLT is negated.

And yet you are willing to lend someone you don't know, £55k???

AnotherJoe

mbugsy18 said:

Thanks for all the comments and thinking about it is a stupid idea. I just felt with this purchase it was going to get to the finish line and just felt the rug had been pulled away from under me. I will see what Monday brings and I have organised a few viewings over the weekend. 

Do let your vendor know, via the EA that you are now looking at other properties. Who knows this might encourage them to move out into rented, and you've got nothing to lose.

Crashy_Time

125k off the offer, would have loved to see the vendors face LOL.

lookstraightahead

Hello op - I've just read this thread with my heart in my mouth!
do not accommodate these people in this way. If they are so desperate to sell they will move out, do not lend them money. 
You are in a fab position to find something. A house is a house. You will find something else.
good luck !

mbugsy18

Just an update. My vendor has found a place but the chain has 2 more links but the end of the chain is downsizing so I assuming they won’t need a mortgage to fund the purchase. However, nothing is firm regarding acceptance of an offer 1 link up from my vendor’s  vendor.
EA has gone lukewarm so I don’t think the chain will complete by end of March. I have stressed that I may lose my buyer as they are concerned about completion before the deadline. 

I am going to wait to see if this SDLT extension will be announced or not in the budget and decide if I think the property is worth the additional cost to break the chain.