Pulling out if chain too big

F37A

Hi 

I'm looking for a quick deal on a new property chain free ideally as I've had a seller on a previous property waste my time / energy and money. I've found this new property. I'm overpaying by 15k on the property. Currently two properties in chain and chain not complete. If person at end of chain doesn't want to break the chain and hence it will end up with 3 properties or 4 properties in chain then should I just pull out. 

I'm sick of time waster sellers and feel the longer the chain its just doomed and will take forever to get a deal done. I mean how long would it take if you had 3 properties or 4 properties in a chain. Around 4 month wait for a deal is acceptable to me. Don't want to start an application and then realise they gonna increase size of chain to the point that things will take forever or chain will break. I've already have 6 months wasted by a seller taking me for a ride.

Thanks

Doozergirl

If only it were that simple. 😔

there are no guarantees with anything.  Even with no chain, things don't run smoothly.   Probate properties, those requiring power of attorney when it wasn't arranged when things were easier or just delayed new builds spring immediately to mind.   

You can't dictate a time, sadly.  You might improve your chances with a small chain, but there's never anything like a guarantee.  

If you want to buy, you just have to go with it.  

Snookie12cat

3 person chain here..  3 months in and not anywhere near completion.. there are no guarantees

RoseBerni

Mine sold early  Nov STC there is no chain as it’s an inherited property and we aren’t buying anything and the buyers are first time buyers 
So we are almost 3 months and search have been done but not finished 
hopefully maybe another month - 6 weeks 

hazyjo

Am sure there were 6 or so in my last chain. It was a bit stressy towards the end, and wasn't quite so easy agreeing a completion date, BUT... I've been far luckier with long chains. Had a few short ones collapse.

The process didn't take any longer, only the end deciding dates. Had a longer gap of 3 weeks or so I think.

If you think about it, most things by everyone are done simultaneously. It's not like the bottom link does something, then the next, then the next, etc... Shouldn't really add too much. Things like leasehold properties are more likely to slow a chain.


Totally unpredictable though. It definitely wouldn't put me off if it was the right house.

PurpleZoombini

How long is a piece of string with the conveyancing process regardless of chain status. No way to estimate x properties in chain might equal x months to complete. Even pre-pandemic when I first bought four years ago I was ftb/chain free buying a chain free property and it took six months. 

Thrugelmir

F37A said:

I'm sick of time waster sellers and feel the longer the chain its just doomed and will take forever to get a deal done

No shortage of impatient buyers that expect vendors to bow to their every demand. 

TripleH

You could have a chain of 15, all on the ball and efficient with everything dealt with ASAP.

You could have 2 in a chain and 1 is useless so everything takes 3 times as long.

A party in a purchase can lie, 'we're not buying' 'we're cash buyers' etc.

It's frustrating when you fork out money on aborted transaction that is killed by the other party's incompetence.

F37A

My concern is that I do another whole mortgage application and then seller at end of chain does a runner. Since I would have a mark against my credit report it may put me at a disadvantage to getting application accepted for a new property

Snookie12cat

F37A said:

My concern is that I do another whole mortgage application and then seller at end of chain does a runner. Since I would have a mark against my credit report it may put me at a disadvantage to getting application accepted for a new property

This could happen in a chain of 3 or 2. It's the risk you take. You can't control other people. 
You can normally just extend or apply to the same lender. Unless you credit is terrible another hard check months after the first isn't going to derail anything. 

lookstraightahead

I suppose you need to just look at risk factors. As everyone says, there is no guarantee. A long chain will of course pose a bigger risk, but there are other key elements, like inflexible vendors / buyers, ' under' valuations, people just getting cold feet, slow solicitors.

But, of course a longer chain pushes the risk up. It's one element that you can decide on almost immediately. I think it's much riskier as it involves people and emotions. Two things you cannot control.