Top Chain Issue

dons_rum

Hi All, 
I'm looking for any advise on a difficult situation. 

We're currently in a 3 person chain. Both myself and my seller are ready to exchange but the top of the chain is still looking for a property to rent and has been doing so for a number of months. 

We have got to the point now where the deadlines are coming up. Mortgage offers for both myself and my seller end in March and my partners landlord is asking for another 6 month contract to be signed. 

Me and our seller are using the same conveyancer firm who seem to be baffled as to how to handle this. Estate agent is now adamant this should be handled by the conveyancers after my seller made a direct contact with the top which didn't go so well. Conveyancers are asking us to make direct contact with the sellers to apply pressure. 

I've ran out of ideas so any advice would be dearly appreciated! Thanks

babyblade41

nothing you can do if they can't find anywhere... your only options are to sit and wait or openly tell your seller that you will keep offer on table but start looking at other properties .

Contacting the top of the chain is not advisable direct , but quite honestly there is nothing you can do but wait or find another property 

pinkshoes

Your options are:

1. you find another property
2. you get your seller to find another property
3. you ask your seller to move into rented to break the chain
4. you ask your seller to bribe their seller, or both offer to pay an extra £1000 each to the top of the chain IF they exchange within 14 days!

canaldumidi

dons_rum said:

.... Mortgage offers for both myself and my seller end in March and my partners landlord is asking for another 6 month contract to be signed. 
....

Contact your lenders and ask for the mortgage offers to be extended.

Don't sign a 6 month contract, move to a periodic AST. See

Post 4: Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

Me and our seller are using the same conveyancer firm who .....

Why? Generally not a good idea.

seem to be baffled as to how to handle this

if this is a new scenario to them I'd be even more concerned about choice of conveyancer!

the top of the chain is still looking for a property to rent.......my seller made a direct contact with the top which didn't go so well

To achieve what? If they can't find anywhere then.... they can't find anywhere! Choices are to wait patiently, or for your buyers to re-market their property.

dons_rum

pinkshoes said:

Your options are:

1. you find another property
2. you get your seller to find another property
3. you ask your seller to move into rented to break the chain
4. you ask your seller to bribe their seller, or both offer to pay an extra £1000 each to the top of the chain IF they exchange within 14 days!

1. Just started looking at other properties but not much out there.  
2. Will enquire with the EA about this.
3. Our seller has children and isn't willing to break the chain.
4. Did not think of a bribe.. Great advice!  

Many Thanks  

dons_rum

canaldumidi said:
Contact your lenders and ask for the mortgage offers to be extended.

Don't sign a 6 month contract, move to a periodic AST. See

Post 4: Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

We used a mortgage advisor who has now left the job so currently trying to get the paperwork together. 
Ahh, thanks will look into the post. 

Why? Generally not a good idea.

Forgot to mention in the earlier post that we're FTBs. Was advised by the EA that it would speed the process up by using the same but now realise it was a huge mistake!

lookstraightahead

dons_rum said:

pinkshoes said:

Your options are:

1. you find another property
2. you get your seller to find another property
3. you ask your seller to move into rented to break the chain
4. you ask your seller to bribe their seller, or both offer to pay an extra £1000 each to the top of the chain IF they exchange within 14 days!

1. Just started looking at other properties but not much out there.  
2. Will enquire with the EA about this.
3. Our seller has children and isn't willing to break the chain.
4. Did not think of a bribe.. Great advice!  

Many Thanks  

Re number 3. There's your problem, it's your seller holding you up. So you need to be thinking whether they are hindering you.
Children don't stop you moving, any more than any other responsibility. They just don't want that hassle, they're putting it on you and their sellers.

you don't need to sort out the sellers seller, the top of your chain is your sellers.