Incomplete and growing chain - when should the survey and searches start?

500pages

Hi folks, this is the third time I'm going through a purchase but the first time with a chain - we have a chain of four so far and it is not yet complete (our Vendor's Vendor hasn't found a place yet). Main question today is a sort of "what would you do in this circumstance?"

We had our offer accepted about 8 weeks ago, which in the grand scheme of life isn't all that long but we're expecting baby #2 to arrive in early 2022 and I had been hoping we would be able to move in autumn, but given how slow things have been, I am getting a tad concerned that we don't even have a complete chain yet so that prospect seems unlikely!

We are buying a 100 year old terrace house so plan to do a full Building Survey (previously known as the structural survey) but given that is going to cost us more than £1k, I was thinking we wouldn't do that survey, and would hold off kicking off all the legal searches with the solicitor until there is at least there is a complete chain so we know there is the intent of all parties to move. I just didn't expect it to take so long to get there!

What would you do / what would you expect in these circumstances?

I highly doubt there will be anything found in the survey that will put us off the purchase (at most it may perhaps lead to a discussion with the vendor about some damp remediation perhaps) but I want to get the survey done so that we have our eyes open. It is not impossible to imagine the chain could remain open for a good while longer - if you were in our shoes, what would you do?

Thanks!

WorriedKirkels

I suppose only you can decide what’s best for yourself. From a vendors perspective, I would want to see progress so long after your offer. At 6 weeks and no news, I was ready to put my house back on the market. Luckily, my buyer received their mortgage offer a few days later (e-valuation so not even valued in person).

I have always started very thing moving at the same time i.e. solicitor, searches, mortgage etc. but some people see this as too risky. For me, it makes sure the chain is motivated to progress (hopefully!)

I suppose only you can decide what is best to do in your circumstances but either scenario has both risks and benefits. 

Good luck and hopefully we will see you on the waiting to exchange thread soon 😁 

hazyjo

I would never start the conveyancing process until the chain is complete, unless someone says they're willing to break the chain. Mind you, many say that and change their mind or find somewhere to buy and end up just slowing the process down by 3 or so months.

I'd keep my options open, still check out the current market. If nothing remotely comparable comes on, you've not lost anything by waiting.

owenjt

I'm in a similar situation in that we had an offer accepted 13 weeks ago and we're at the bottom of a chain of three waiting for our vendor's vendor to find a property. We've had our searches and survey done as we just wanted to get on with it and be in a good position once the chain is complete. This process has flagged up a number of issues which it's going to take time to sort, so I'm glad we did it sooner rather than later.

Have you considered getting home buyers insurance? We got this just in case so we can at least claim some money back should the vendors pull out. 

LAD917

I always start everything immediately.  Wasted time is worse than wasted money to me.  I'd rather spend money on due diligence to understand if the property is worth waiting for, v. waiting for months only to have the scale fall through.

Risk aversion to a relatively small (in the context of a house purchase) lost amount of money means potentially wasting months of time that you could have spent trying to find something else.

500pages

Thank you Owenjt - I had no idea about the existence of Home Buyer’s Insurance (amazingly, as I’m someone who loves to mitigate risks!). That looks like a good approach so we can proceed with things but cover some of the risk if there is a negative outcome along the way!

Thanks for the other comments on this thread - useful thoughts and perspectives!

For context we have the Mortgage offer in place - took no time at all, amazingly, as I had heard things were slow right now and they did just a desk valuation on the place we are buying so our Vendor has seen some progress and knows we’re good for the purchase.

Hope to be able to post in the waiting to exchange thread soon!!! 

owenjt

500pages said:

Thank you Owenjt - I had no idea about the existence of Home Buyer’s Insurance (amazingly, as I’m someone who loves to mitigate risks!). That looks like a good approach so we can proceed with things but cover some of the risk if there is a negative outcome along the way!

You're welcome! We paid £63 for our policy to cover 180 days. Obviously only provides cover under certain conditions but at least you'd get something back should anything happen that's outside of your control.