House Purchase Chain Frustration

Luke40885

RelievedSheff said:

If you are this frustrated 3 months in you will only be worse 6 or 9 months down the line.

House purchases are currently running very slowly.

You will just need to be patient if you really want this property.

As much as we want the house, we simply cant wait that long. I actually think the mortgage expires end of October too!

Tiglet2

Luke40885 said:

RelievedSheff said:

If you are this frustrated 3 months in you will only be worse 6 or 9 months down the line.

House purchases are currently running very slowly.

You will just need to be patient if you really want this property.

As much as we want the house, we simply cant wait that long. I actually think the mortgage expires end of October too!

The offer can be extended - they very often are!

housebuyer143

Tiglet2 said:

Luke40885 said:

RelievedSheff said:

If you are this frustrated 3 months in you will only be worse 6 or 9 months down the line.

House purchases are currently running very slowly.

You will just need to be patient if you really want this property.

As much as we want the house, we simply cant wait that long. I actually think the mortgage expires end of October too!

The offer can be extended - they very often are!

Depends on the rate. So many lenders are not keen to extend the offers to those on rates from March/April for obvious reasons.

Tiglet2

housebuyer143 said:

Tiglet2 said:

Luke40885 said:

RelievedSheff said:

If you are this frustrated 3 months in you will only be worse 6 or 9 months down the line.

House purchases are currently running very slowly.

You will just need to be patient if you really want this property.

As much as we want the house, we simply cant wait that long. I actually think the mortgage expires end of October too!

The offer can be extended - they very often are!

Depends on the rate. So many lenders are not keen to extend the offers to those on rates from March/April for obvious reasons.

Most lenders will grant an extension of up to a month - it's if it goes beyond that, that the lender may well state that a new offer will have to be issued.

saajan_12

Luke40885 said:

hazyjo said:

Would've expected it all to take around 4 months, especially with leasehold involved.

Is there actually a reason to rush or are you you just keen to get in? I often say if people didn't force unnecessary deadlines, the whole process would be so much less stressful! I definitely wouldn't be threatening to pull out.

You can only go as fast as the slowest link. I'd sit tight, chase every 3 days, and see where you are in 2 or 3 weeks. Management companies can be notoriously slow in providing management packs.

Good luck.

I think its just more frustrating when I get the same generic response. - The pack comes from the management company who aren't part of the chain and could just sit on their hands for weeks. So if there's no movement, then the seller / EA only has the same response to give you. What do you want them to say? 
To be honest, we do really want the house but the longer it goes on, and the more uncertainty there is with the cost of living etc I feel the higher risk there is in the chain breaking at some point, hence wanting to get in so urgently. 

Re the management pack though, the onward purchase was agreed around May time also, surely a management pack shouldnt take that long? As above, the pack comes from the management company who have no incentive to hurry up. 

I'm not sure how else I can put pressure on as my solicitor just tells me someone needs to be chasing the top of the chain, but thats not for them to do? And the agent also isnt being helpful to be honest as they arent the same agent for the onward purchase. - they're correct, the EA doesn't directly see into the next purchase. They might liaise with the EA of that onward purchase to propose dates or find out progress when no one knows whats going on, but at this stage you do - they're waiting for a management pack. There's little your EA can or should do. 

Unfortunately you have to be patient.. nothing unexpected, and having leasehold in the chain just will take longer. The alternative is jump ship.. but no guarantee that will be faster. 

hpsauce86

housebuyer143 said:

Tiglet2 said:

Luke40885 said:

RelievedSheff said:

If you are this frustrated 3 months in you will only be worse 6 or 9 months down the line.

House purchases are currently running very slowly.

You will just need to be patient if you really want this property.

As much as we want the house, we simply cant wait that long. I actually think the mortgage expires end of October too!

The offer can be extended - they very often are!

Depends on the rate. So many lenders are not keen to extend the offers to those on rates from March/April for obvious reasons.

We just had our mortgage extended (which we got in February of this year). They extended it by a month. Unless your circumstances have changed then you can apply and it should be granted. You can apply when you have less than 30 days left on your mortgage offer.

Luke40885

saajan_12 said:

Luke40885 said:

hazyjo said:

Would've expected it all to take around 4 months, especially with leasehold involved.

Is there actually a reason to rush or are you you just keen to get in? I often say if people didn't force unnecessary deadlines, the whole process would be so much less stressful! I definitely wouldn't be threatening to pull out.

You can only go as fast as the slowest link. I'd sit tight, chase every 3 days, and see where you are in 2 or 3 weeks. Management companies can be notoriously slow in providing management packs.

Good luck.

I think its just more frustrating when I get the same generic response. - The pack comes from the management company who aren't part of the chain and could just sit on their hands for weeks. So if there's no movement, then the seller / EA only has the same response to give you. What do you want them to say? 
To be honest, we do really want the house but the longer it goes on, and the more uncertainty there is with the cost of living etc I feel the higher risk there is in the chain breaking at some point, hence wanting to get in so urgently. 

Re the management pack though, the onward purchase was agreed around May time also, surely a management pack shouldnt take that long? As above, the pack comes from the management company who have no incentive to hurry up. 

I'm not sure how else I can put pressure on as my solicitor just tells me someone needs to be chasing the top of the chain, but thats not for them to do? And the agent also isnt being helpful to be honest as they arent the same agent for the onward purchase. - they're correct, the EA doesn't directly see into the next purchase. They might liaise with the EA of that onward purchase to propose dates or find out progress when no one knows whats going on, but at this stage you do - they're waiting for a management pack. There's little your EA can or should do. 

Unfortunately you have to be patient.. nothing unexpected, and having leasehold in the chain just will take longer. The alternative is jump ship.. but no guarantee that will be faster. 

I get being patient to a degree, however when its the only thing holding us up I feel my moans are more justified! Particularly as stated during a very uncertain climate, mortgage ,cost of living etc ‘the chain’ is more likely to break, so there is an inevitable keenness to complete.

I actually spoke to our solicitor yesterday and they asked if the vendor of the purchase would move out early so we can complete which wis promptly shut down.

We are 5 weeks on from hearing about the management pack and have been told once again ‘we are yet to have the management packs in hand’. 

Whilst no one seems to be putting pressure on the top of the chain to resolve the issue, we have stated we will start actively looking at other properties after the weekend with no chain (which to be honest could actually mean a better deal as houses in our area seemed to have dropped a fair bit since April time.)

Tiglet2

Luke40885 said:

saajan_12 said:

Luke40885 said:

hazyjo said:

Would've expected it all to take around 4 months, especially with leasehold involved.

Is there actually a reason to rush or are you you just keen to get in? I often say if people didn't force unnecessary deadlines, the whole process would be so much less stressful! I definitely wouldn't be threatening to pull out.

You can only go as fast as the slowest link. I'd sit tight, chase every 3 days, and see where you are in 2 or 3 weeks. Management companies can be notoriously slow in providing management packs.

Good luck.

I think its just more frustrating when I get the same generic response. - The pack comes from the management company who aren't part of the chain and could just sit on their hands for weeks. So if there's no movement, then the seller / EA only has the same response to give you. What do you want them to say? 
To be honest, we do really want the house but the longer it goes on, and the more uncertainty there is with the cost of living etc I feel the higher risk there is in the chain breaking at some point, hence wanting to get in so urgently. 

Re the management pack though, the onward purchase was agreed around May time also, surely a management pack shouldnt take that long? As above, the pack comes from the management company who have no incentive to hurry up. 

I'm not sure how else I can put pressure on as my solicitor just tells me someone needs to be chasing the top of the chain, but thats not for them to do? And the agent also isnt being helpful to be honest as they arent the same agent for the onward purchase. - they're correct, the EA doesn't directly see into the next purchase. They might liaise with the EA of that onward purchase to propose dates or find out progress when no one knows whats going on, but at this stage you do - they're waiting for a management pack. There's little your EA can or should do. 

Unfortunately you have to be patient.. nothing unexpected, and having leasehold in the chain just will take longer. The alternative is jump ship.. but no guarantee that will be faster. 

I get being patient to a degree, however when its the only thing holding us up I feel my moans are more justified! Particularly as stated during a very uncertain climate, mortgage ,cost of living etc ‘the chain’ is more likely to break, so there is an inevitable keenness to complete.

I actually spoke to our solicitor yesterday and they asked if the vendor of the purchase would move out early so we can complete which wis promptly shut down.

We are 5 weeks on from hearing about the management pack and have been told once again ‘we are yet to have the management packs in hand’. 

Whilst no one seems to be putting pressure on the top of the chain to resolve the issue, we have stated we will start actively looking at other properties after the weekend with no chain (which to be honest could actually mean a better deal as houses in our area seemed to have dropped a fair bit since April time.)

I understand completely your frustration and lack of patience, but to manage your expectations it is necessary to say that even when the management pack is finally received, there will be further additional enquiries raised which will need to be answered and satisfied before any dates can be agreed.  This is why chains can be very slow.  While some parties are ready to proceed, others are not.  Your chain is not ready to proceed because the purchaser at the top hasn't finished doing their work, so throwing your toys out of the pram won't help.

By all means, look at other properties and let the EA know you are doing this, but a new property will mean a new mortgage offer and the conveyancing on the new property will likely be as slow or slower than this current one, because you'll be starting from scratch.