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Offer Accepted - Vendor in a Chain - What questions should I be asking
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TXC
Posts: 265 Forumite
Morning all!
Hope everyone is well?
I've had an offer accepted (for asking this time, learnt from my mistakes offering over) on a lovely house, great vendor seems really nice. They've had an offer accepted on a property last night so accepted mine this morning. I'm thrilled but concious my last two attempts at buying were chain free. I just wanted to pick your brains on what I should be trying to find out from the EA / Vendor and when if I should be looking to delay searches, solicitor activity etc. (I'll press ahead with mortgage because tbh that could take as long as it takes). I realise its impossible to avoid sinking some money into buying process and risking losing it, I just want to make sure I'm taking the adequate steps. Thanks!
Hope everyone is well?
I've had an offer accepted (for asking this time, learnt from my mistakes offering over) on a lovely house, great vendor seems really nice. They've had an offer accepted on a property last night so accepted mine this morning. I'm thrilled but concious my last two attempts at buying were chain free. I just wanted to pick your brains on what I should be trying to find out from the EA / Vendor and when if I should be looking to delay searches, solicitor activity etc. (I'll press ahead with mortgage because tbh that could take as long as it takes). I realise its impossible to avoid sinking some money into buying process and risking losing it, I just want to make sure I'm taking the adequate steps. Thanks!
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Comments
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The property that the vendor is buying, is that in a chain too? Need to understand who the top of the chain is.0
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I wouldnt do anything until the entire chain completes, esp the mortgage.0
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Oh really? I assumed the mortgage would be ok to proceed with given there's a six month to completion validity that can be extended? feels like the lowest impact way to show willing that I am moving?Snookie12cat said:I wouldnt do anything until the entire chain completes, esp the mortgage.
Also if it gets downvalued (which hopefully as I'm bang on asking price - shouldnt) I'd rather know sooner than later so I can move on with my life
Why would you recommend esp not the mortgage0 -
No idea - just know they had an offer accepted last night. Thank you as this is exactly what I wouldn't have thought to ask - better question for my vendor or the EA?Noneforit999 said:The property that the vendor is buying, is that in a chain too? Need to understand who the top of the chain is.
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It's only got 6 months, like you say. It could take your vendor 3 months to find something, then their seller more time, then your offer has expired before you have started. Not all lenders will just extend it either, most make you reapply.TXC said:
Oh really? I assumed the mortgage would be ok to proceed with given there's a six month to completion validity that can be extended? feels like the lowest impact way to show willing that I am moving?Snookie12cat said:I wouldnt do anything until the entire chain completes, esp the mortgage.
Also if it gets downvalued (which hopefully as I'm bang on asking price - shouldnt) I'd rather know sooner than later so I can move on with my life
Why would you recommend esp not the mortgage1 -
TXC said:
Oh really? I assumed the mortgage would be ok to proceed with given there's a six month to completion validity that can be extended? feels like the lowest impact way to show willing that I am moving?Snookie12cat said:I wouldnt do anything until the entire chain completes, esp the mortgage.And what makes you think that you'll be able to complete your purchase in the next 6 months? It may take your vendors longer than that to even find a property that they wish to buy.Don't commit to anything until you have a complete chain...
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You want to ask ‘is the chain complete!’
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