Top of chain holding exchange up - help!

elouber

Hi,

FTB here who had an offer on a property accepted beginning of May 2022.

Now here in August, currently in a chain of four properties. Me, my vendors and their vendors are all ready to exchange, have been for some time etc, and it did look like we were on the verge of exchanging last week, however on Friday we all found out that top of the chain are waiting on two enquiries from their vendors solicitor and so not willing to exchange until these enquiries have been satisfied.

Totally appreciate their position, but we’ve all now been left hanging again waiting on them - they took forever to close the chain in the first place, then they had a problem raised on their survey etc, so it’s been a long wait to get to even this point.

Is there anything I can do, anything my solicitors or the sales progress at the Estate Agents can do to try and move things along.

Losing hope that I’ll ever exchange and complete on this home, and then I fear I’m going to have been priced out of the market with the increase in prices and interest rates since May!

I already suggested a break in the chain but further up the chain is not able to agree to this.

Stressed and in need of advice!

Thanks

DE_612183

If you are three months in I suspect that nobody wants the chain to break - so just hang in there!

lika_86

Three and a half months for a chain of four and being near exchange, I don't think that's bad. Personally I wouldn't agree to breaking the chain either. Presumably you aren't close to your mortgage offer expiring so I think you just need to calm down a bit. 

macman

Last time I bought, it was 8 months from accepted offer to completion. Why are FTB's so impatient? 3 to 4 months is not at all exceptional.

RAS

It sees to take most people 6 months or more, so you are going great guns.

You may have noticed that the housing market is pretty hot at the moment? And the top of your chain won't even have been allowed to book a viewing by most EAs until they accepted an offer?

And that searches take as long as searches take, depending on the local authority and other parties? And your mortgage provider will not allow you to exchange until they are sorted to their satisfaction?

So it's pretty good that the top of the chain found somewhere to buy within 3 months, let alone are close to exchange.

Comptoncare

I think you are being slightly unrealistic with your time scales. My completion took 7 months from receiving an offer on my property.  Just calm down, give them a reasonable amount of time to complete the outstanding enquiries. Do you know what the outstanding enquiries are? If not see if the estate agent can find out and what the timescale is likely to be. This will give you a better idea of when exchange/completion is likely to take place. Good luck.

newsgroupmonkey_

Our offer was accepted in mid April. We accepted an offer a week later.

We are no nearer an exchange date. Go to the "Waiting to exchange" thread. We're far from alone, loads of people in the same boat. Solicitors are busy and arguably have too much work on.

Sorry, but worrying since May which is 3 months isn't going to garner much sympathy. According to RightMove, the average right now is 150 days. I.e. 5 months.

https://www.rightmove.co.uk/news/articles/property-news/how-long-does-it-take-to-move-in-2022/

Richiem1987

Started the process in March, was due to exchange and complete this week with all parties ready to go, but this has now been delayed due to no response from other parties (one of the Vendors in the chain is away for a 2 Week Holiday and didn't tell anyone). I expect it will be well into September before I complete. If it reaches October, it will be a big delay on my part, as I will have to re-apply for a Mortgage. Hopefully when they return from Holiday, a completion date can be agreed and we can proceed. Hang in there, it only gets to pulling out stage when the Mortgage offer expires as that can put a hefty delay on the rest of the chain.

trakky14

I'm afraid your expectations are not realistic...even chains of 2 or no chain can take 6 plus months...welcome to the misery of house buying and selling! It's absolutely hideous! Sit tight...sounds like you're going great guns for a chain of 4!

In answer to your question all you ca  do is put pressure on the estate agents and your solicitor...because the solicitors do not chase each other...at all. So you're best nagging the estate agents! They might actually pick up the phone and ask