Top of chain still not complete - options?

elouber

Hi,

First time buyer here, had an offer accepted on a property 4 weeks ago today.

My sellers have found a place to move, as have their sellers, but the house at the top of the chain still hasn’t found anywhere.

Understand 4 weeks is no time at the minute with current timeframes, but getting a bit concerned that it’s going to take a considerable amount of time for the chain to complete and for this process to really get going?

My mortgage has been approved but offer is only up until end of November, so I have to have completed by then in order to get the current rate, as who
knows what the rates will be by then!

Surveys done and legal searches all under way. Have also had draft contracts in from my sellers.

What are my options here? Should I be clear with my solicitors and the estate agents the date I need to have completed by?

How long should I give the chain to complete before I should start to really worry?

Any help or advice would be greatly appreciated!

secla

Its unusual for people to start the conveyancing etc. before the chain is complete !
You can certainly mention to the estate agent/solicitor but the only thing that could really speed it up is if someones willing to break the chain.What happens if the current top of the chain offers on a house and that isn't chain free ?
Its only really worth saying it needs to be this date if you are 100% willing to pull out at that point.

My conveyancer stated average is 12-16 weeks at the moment but obviously they can never guarantee anything

Flugelhorn

it is really how long is a piece of string - friend is cash buyer in rented and they have had offer accepted on house - the vendors there are buying a new build which is ready October but are fully expecting that to slip 

trakky14

The agent we are buying a house through (Herefordshire) has 50 houses sold going through conveyancing...he says its at least 12-16 weeks for anything at the moment to complete. So prepare for a wait! 

Megaross

4 weeks is nothing honestly, most transactions at the moment are a few months.

It's the biggest asset most people will ever own - it takes time to do it right. Delays can and do happen, patience is a virtue.

elouber

secla said:

Its unusual for people to start the conveyancing etc. before the chain is complete !
You can certainly mention to the estate agent/solicitor but the only thing that could really speed it up is if someones willing to break the chain.What happens if the current top of the chain offers on a house and that isn't chain free ?
Its only really worth saying it needs to be this date if you are 100% willing to pull out at that point.

My conveyancer stated average is 12-16 weeks at the moment but obviously they can never guarantee anything

Hi,

Yeah, classic first time buyer mistake, just went straight in to organising mode as soon as offer accepted and appointed solicitors, applied for mortgage etc - learning the hard way! Luckily solicitors are currently holding fire on any more work until we know the chain is complete!