Top of the chain have pulled out of another house!!

Thrugelmir

charlotteo1988 said:

@Thrugelmir sorry so do you think we should carry on and wait to see if the top chain find anything in new year or we should also look to see if there is anything in the new year we like? 

Sorry my last two house purchases were so much more straight forward so never been in this position before. 

Every year there's a spring bounce. That's when the market is at it's most active. Few people will be listing now unless they have good reason. 

lookstraightahead

charlotteo1988 said:

lookstraightahead said:

Sounds to me like no one is willing to be flexible except your vendors ironically, as they are the ones making the whole thing possible.

be careful you don't lose your vendors, they will get fed up and move on if you leave them waiting. 

I don't think you're unlucky, I don't think any of the chain is unlucky, it's just that no one is willing to break the chain.

so you're in it for the long haul, as your buyers buyer still hadn't found where they want to live. 

Any suggestions on what I can say or do? I don’t want to be really forceful and say you have so many weeks to find a place otherwise I’m finding something else? I think I’m nervous if I say that the top of the chain say ok off you go we don’t care. 

It’s frustrating because our last questions we put forward to our vendor have been received last week and all we have left to do is sign the TR1 and any remaining questions. Although I’m not sure any other questions will be asked as we just had the second lot back. 

You don't really have any control as you're not at the top or the bottom. I think the biggest threat to you is your buyers pulling out, as not only do you not get the house you want, but you don't get to sell yours either.

To me, selling would be more important than buying. You have to sell your house before you can buy anything. I personally would be selling to my buyer now and renting (which I know you don't want to do). 

As others have said, most people will sell in the spring now, so you're looking possibly at 5/6 months including top of chain finding somewhere. By then, your buyers will have had to remortgage again. 

I would personally split it up. 

charlotteo1988

lookstraightahead said:

charlotteo1988 said:

lookstraightahead said:

Sounds to me like no one is willing to be flexible except your vendors ironically, as they are the ones making the whole thing possible.

be careful you don't lose your vendors, they will get fed up and move on if you leave them waiting. 

I don't think you're unlucky, I don't think any of the chain is unlucky, it's just that no one is willing to break the chain.

so you're in it for the long haul, as your buyers buyer still hadn't found where they want to live. 

Any suggestions on what I can say or do? I don’t want to be really forceful and say you have so many weeks to find a place otherwise I’m finding something else? I think I’m nervous if I say that the top of the chain say ok off you go we don’t care. 

It’s frustrating because our last questions we put forward to our vendor have been received last week and all we have left to do is sign the TR1 and any remaining questions. Although I’m not sure any other questions will be asked as we just had the second lot back. 

You don't really have any control as you're not at the top or the bottom. I think the biggest threat to you is your buyers pulling out, as not only do you not get the house you want, but you don't get to sell yours either.

To me, selling would be more important than buying. You have to sell your house before you can buy anything. I personally would be selling to my buyer now and renting (which I know you don't want to do). 

As others have said, most people will sell in the spring now, so you're looking possibly at 5/6 months including top of chain finding somewhere. By then, your buyers will have had to remortgage again. 

I would personally split it up. 

I’m going to look for rented accommodation and try and break up the chain. 

I’ve got search notification things on the major house apps so hopefully something will pop up that will allow us to move in. 

I’ve also asked both our estate agent and the estate agents who we are buying off to forward any properties we can move into. 

Fingers crossed we can find something and sell our house at least. 

Thanks to everyone for their input. 

charlotteo1988

Can’t rent as we are porting our mortgage. So we are looking at other properties that are no onward chain but none at the moment. 

GDB2222

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

lookstraightahead

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

Renting worked for me. As I say, I made more than my money back when I bought.

it's not a mugs game for everyone, the op has lost vendors, so it is an option for selling their house and being in a position to buy more quickly.. But they're porting their mortgage, and they're looking for a different type of vendor (one not in a chain, who is probably going into rented or buying with cash - the type of "mug" you describe ..)

Good luck op with it working out - I'm sure it will. Keep us updated.

charlotteo1988

lookstraightahead said:

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

Renting worked for me. As I say, I made more than my money back when I bought.

it's not a mugs game for everyone, the op has lost vendors, so it is an option for selling their house and being in a position to buy more quickly.. But they're porting their mortgage, and they're looking for a different type of vendor (one not in a chain, who is probably going into rented or buying with cash - the type of "mug" you describe ..)

Good luck op with it working out - I'm sure it will. Keep us updated.

Yeah just looking for other properties with no onward chain and see how the chain goes and if it progresses whilst we look and if we find something in the mean time then pull out and go with the new one 

Crashy_Time

charlotteo1988 said:

lookstraightahead said:

charlotteo1988 said:

lookstraightahead said:

Sounds to me like no one is willing to be flexible except your vendors ironically, as they are the ones making the whole thing possible.

be careful you don't lose your vendors, they will get fed up and move on if you leave them waiting. 

I don't think you're unlucky, I don't think any of the chain is unlucky, it's just that no one is willing to break the chain.

so you're in it for the long haul, as your buyers buyer still hadn't found where they want to live. 

Any suggestions on what I can say or do? I don’t want to be really forceful and say you have so many weeks to find a place otherwise I’m finding something else? I think I’m nervous if I say that the top of the chain say ok off you go we don’t care. 

It’s frustrating because our last questions we put forward to our vendor have been received last week and all we have left to do is sign the TR1 and any remaining questions. Although I’m not sure any other questions will be asked as we just had the second lot back. 

You don't really have any control as you're not at the top or the bottom. I think the biggest threat to you is your buyers pulling out, as not only do you not get the house you want, but you don't get to sell yours either.

To me, selling would be more important than buying. You have to sell your house before you can buy anything. I personally would be selling to my buyer now and renting (which I know you don't want to do). 

As others have said, most people will sell in the spring now, so you're looking possibly at 5/6 months including top of chain finding somewhere. By then, your buyers will have had to remortgage again. 

I would personally split it up. 

I’m going to look for rented accommodation and try and break up the chain. 

I’ve got search notification things on the major house apps so hopefully something will pop up that will allow us to move in. 

I’ve also asked both our estate agent and the estate agents who we are buying off to forward any properties we can move into. 

Fingers crossed we can find something and sell our house at least. 

Thanks to everyone for their input. 

PropertyLog can be handy as well.

Suseka97

charlotteo1988 said:

Can’t rent as we are porting our mortgage. So we are looking at other properties that are no onward chain but none at the moment. 

Have you checked with your mortgage provider whether you would be able to claim back any ERCs if you were to complete on a new purchase within 6 months of redeeming your current mortgage?   We were porting ours (Nationwide) and they advised that if we had to break the chain and therefore were not be able to port, that as long as we completed on a new purchase within 6 months the would repay the ERC.

MysteryMe

I don't think there is much to be gained by pulling out at the moment as we are entering a quiet time for new properties coming onto the market. If the house you are hoping to buy ticks all your boxes just hold tight and hope everyone else in the chain is prepared to do likewise.  I would not go into rented for the reasons you have already identified, that's even assuming there is anything suitable to rent. The fact few choose to do that suggests it's only for the desperate or perhaps those waiting to move into a new build where there is a definite light at the end of the tunnel.  You'd be renting not knowing how long it could take before you found somewhere else and then you could still end up in a chain as you are now.