Being asked to complete in April which will mean a 1% increase in our redemption costs.

Prichard

Our redemption cost up to 30th April is 3% and 2% thereafter. That works out to around £4-5k. 

However, bottom of the chain have had their mortgage offer for 6 months and don’t want to re-apply as interest rates have obviously gone up. So if we are forced to choose between completing April and paying the 3% and letting the chain collapse; is there any legal / practical process for us to cover the additional costs? 

My wife suggests that we go after the chain and ask all to chip in but I’m unsure how that would be managed from a protection of assets perspective (I.e. who holds the funds until completion). 

Snookie12cat

There isn't much you can do. Either hold your nerve and tell them no or give in and pay it. No one up the chain is likely to care that the timeline does not work for you. 

If the buyer pulled out now they would lose much more than a small rate rise and would have the increased rate and everything else again on the new purchase.

You could ask your buyer to pay the additional cost to you for them wanting to complete now or go half? When I sold mine they buyer paid the full thing as they wanted to complete before the ERC was up. 

Prichard

This is as I thought. Chain is 7 links long, we are number 6. Issue with the mortgage is link 1 (FTB). As such I would assume they are not flush with cash and that the rate rises since they applied might be too much. 

We can just pay it and be done with it but want that to be a last resort.