Buyers threatening to pull out

rudesupermarkets

I'm a ftb aft the bottom of a chain with a new build dictating things. If things all go to plan in terms of the new build completion then it's all fine and dandy,  but the spectre of (more) delays is extremely worrying for us - particularly with the push to exchange with no fixed completion. Reasons for this nervousness include mortgage offer expiry, giving notice on rental before finding out about further delays (temporary accommodation and school... potential nightmare), concerns over job security and economic outlook post September. 

We've asked for the chain to be broken on this basis (not threatening to pull out!), it's not about impatience, just mitigation of the above risks in light of delays already occurring on site. We're hoping that someone along the line has more flexibility and perhaps a little empathy (big ask for a house purcahse) for us at the bottom. I'd agree with the suggestions of finding out about the bottom buyers as they've a set of issues that are markedly different to those negotiating from the comfort of their own home.

AnotherJoe

rudesupermarkets said:

I'm a ftb aft the bottom of a chain with a new build dictating things. If things all go to plan in terms of the new build completion then it's all fine and dandy,  but the spectre of (more) delays is extremely worrying for us - particularly with the push to exchange with no fixed completion. Reasons for this nervousness include mortgage offer expiry, giving notice on rental before finding out about further delays (temporary accommodation and school... potential nightmare), concerns over job security and economic outlook post September. 

We've asked for the chain to be broken on this basis (not threatening to pull out!), it's not about impatience, just mitigation of the above risks in light of delays already occurring on site. We're hoping that someone along the line has more flexibility and perhaps a little empathy (big ask for a house purchase) for us at the bottom. I'd agree with the suggestions of finding out about the bottom buyers as they've a set of issues that are markedly different to those negotiating from the comfort of their own home.

You can give a months notice after the  confirmed completion date for the newbuild so so I dont think you need be concerned with that.  Mortgage offer expiry? Maybe but if its the first time, odds are you'll be OK and if you are concerned over job security and economic outlook post September why are you proceeding? Or do you mean other buyers/sellers?

buyers at the bottom already in rental are usually the ones with highest flexibility.

The ones in the middle with a buy/sell all at a few days notice are more likely to be the ones with issues. And anyone of them going into rental has to sign up for at least 6 months, unlike you.

rudesupermarkets

AnotherJoe said:

You can give a months notice after the  confirmed completion date for the newbuild so so I dont think you need be concerned with that.  Mortgage offer expiry? Maybe but if its the first time, odds are you'll be OK and if you are concerned over job security and economic outlook post September why are you proceeding? Or do you mean other buyers/sellers?

buyers at the bottom already in rental are usually the ones with highest flexibility.

The ones in the middle with a buy/sell all at a few days notice are more likely to be the ones with issues. And anyone of them going into rental has to sign up for at least 6 months, unlike you.

I realise I'm coming from a slightly risk averse perspective, it's not huge by any means, but.... new build completion had slipped a couple of months already, the economic outlook is more in reference to others in chain but that September withdrawal of support could well have an immediate impact on mortgage rates/ lending criteria which ftbs are more likely to be skirting three limits of.  Until the letting fee ban we were always tied in for 6 month stretches. In a normal chain I'd agree that that's great for flexibility but the "exchange NOW, and compete when we damn well say so" attitude is a major contributory factor to these concerns - you need to consider those risks, even if small, as an agent, vendor, developer saying 'it'll be fine' doesn't really cut it. Unlikely as it may be, I well remember the mothballed building sites and withdrawal of lending in 2008, it happened well within the timeframes we're talking about here (and then I got made redundant!)