Moving stress

Jem2101

Last week out of the blue, we were given a suggested completion date of the 25th June to get in before the stamp duty cut off. This week, looks like it's all going to crumble! It's so stressful and upsetting. We sold in March and got into a chain of 6. First time buyers on ours and our vendor is fairly straight forward, but it's the three at the top. It feels like a mess now.

No. 6 at the top is looking for somewhere to rent and that's what the chain is depending on if there's a chance it can come together. However, this lady's house has been repossessed as she is bankrupt. This means that she's finding it hard to be accepted to rent somewhere. Meanwhile no. 4 have said they have to have it all done by the 9th July as that's when their mortgage runs out and they can't extend as they've just gone self employed. No. 5 decided to put their house back on the market this weekend as there's uncertainty with no. 4. Not sure what's happened with that. So it's all looking very unstable now unless the lady at no. 6 can find somewhere to rent in time for the 9th July.
If it does all fall through, I think we'll all have to start again because since this began in March, house prices have gone up. So we'd all have to go on the market for maybe £20-30,000 more.

I'm pleased we didn't get carried away with packing after all but I'm really disappointed in this turn of events. Just that horrible feeling that we might have to start all over again, like snakes and ladders. 

AnotherJoe

With 6 in a chain and all the rush it was always very optimistic that you'd get it done by end June anyway.

Is there any way your buyer you and your vendor can keep it together? Because relatively speaking any house price increases wont affect you much if at all.

stressedout45

I’m not sure what to say really but I hope it works out for you! It is so flipping stressful,  isn’t it?  

lookstraightahead

That's why we break the chain every time and go into rented. 

I can't stand the stress of long chains. Some think by going into rented you have to move twice, but I find it so much easier.

House price increases will settle IMO as soon as stamp duty hols end. Why do you have to put yours on fir 20-30000 more? 

chalky_white_2

If the financial circumstances of No 4 have changed (going self-employed) then there is a risk that their lender will pull the mortgage offer in place (should they find out).   That would have also caused a problem, particularly if everyone was exchanged!

AdrianC

Jem2101 said:

No. 6 at the top is looking for somewhere to rent and that's what the chain is depending on if there's a chance it can come together. However, this lady's house has been repossessed as she is bankrupt. 

Is she selling, or are the lender-in-possession selling?

Given she's still in occupation, then the property almost certainly hasn't been repossessed... yet. If she continues to drag the chain on (is she finding it hard to find a rental because she isn't actually looking seriously?), she might find that changes. And the lender will be only too happy to sell the newly-vacant property to the existing buyer.