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What is everyone’s experience on breaking the chain?
Comments
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The house we are buying need some work done, only cosmetic stuff so we were going to move in with my parents whilst we decorate etc. anyway.
The fact you were planning to do this anyway, would suggest that some time spent at your parents would be maybe not that stressful. Otherwise it would have been off the agenda in the first place.
Also you would not have the issue of lining up a rental property in time.
So looks like the best option, when you have delayed the exchange of contracts with your buyer as long as you think you can get away with .
With some luck, you might still get to exchange contracts with buyer and seller at the same time anyway.
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silvercar said:How about exchanging with a long completion? That would keep your buyers happy and give you some time.0
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Albermarle said:The house we are buying need some work done, only cosmetic stuff so we were going to move in with my parents whilst we decorate etc. anyway.
The fact you were planning to do this anyway, would suggest that some time spent at your parents would be maybe not that stressful. Otherwise it would have been off the agenda in the first place.
Also you would not have the issue of lining up a rental property in time.
So looks like the best option, when you have delayed the exchange of contracts with your buyer as long as you think you can get away with .
With some luck, you might still get to exchange contracts with buyer and seller at the same time anyway.
And yes, we never know. We may still exchange on our purchase at the same time. It’s just a risk we have to take I guess.0 -
eddddy said:pretamang said:we did this and had 2 young children at the time, we just couldn't make the timings work so sold our house and moved before our purchase was ready. We moved into rented for 3 months (had to take a 6 month minimum term but they re-let after we moved out so only paid for 4).
Really worked for us as we moving to a new area and the purchase took even longer than expected. Took a lot of the stress out the process in trying to align timings.
Out of interest - how did you deal with aligning the exchange of contracts for your sale with signing an AST?- Did you exchange contracts and sign the AST on the same day?
- Did you exchange contracts first, and sign the AST later? (And risk not having anywhere to live after the sale)
- Did you sign the AST first, and exchange contracts later? (And risk the sale falling through, and you still having to pay rent)
To be honest, I think a number of people take option 2, and just accept the risk.
Had the sale fallen through I expect we would have still moved to rented to break the chain, and put the house back on the market chain free.1 -
We were recently in a similar situation, we had first time buyers sat in rented that were not going to want to hang about, our vendors had very set ideas about the next house they wanted and I had to start pushing for them to go into rented as we got closer to completion. He would waiver about whether he would or he wouldn't and so I gave him the ultimatum that I really wanted his house but we couldn't jeopardise our sale and there was a chain free house on the market that I would go and look at if he didn't give us and the solicitors the confirmation we were asking for. I expressed the fact that if my buyers pull out because our seller is just sat back many months from completing on a house, none of us will sell out houses and they'd all be back on the market, he wouldn't get the bigger home of his dreams either.
We moved in recently and they went in to rented having still not offered on another property 4 months on.1 -
pretamang said:eddddy said:pretamang said:we did this and had 2 young children at the time, we just couldn't make the timings work so sold our house and moved before our purchase was ready. We moved into rented for 3 months (had to take a 6 month minimum term but they re-let after we moved out so only paid for 4).
Really worked for us as we moving to a new area and the purchase took even longer than expected. Took a lot of the stress out the process in trying to align timings.
Out of interest - how did you deal with aligning the exchange of contracts for your sale with signing an AST?- Did you exchange contracts and sign the AST on the same day?
- Did you exchange contracts first, and sign the AST later? (And risk not having anywhere to live after the sale)
- Did you sign the AST first, and exchange contracts later? (And risk the sale falling through, and you still having to pay rent)
To be honest, I think a number of people take option 2, and just accept the risk.
Had the sale fallen through I expect we would have still moved to rented to break the chain, and put the house back on the market chain free.I wish our sellers are as organised as you were!0 -
FlyMeSomewhere79 said:We were recently in a similar situation, we had first time buyers sat in rented that were not going to want to hang about, our vendors had very set ideas about the next house they wanted and I had to start pushing for them to go into rented as we got closer to completion. He would waiver about whether he would or he wouldn't and so I gave him the ultimatum that I really wanted his house but we couldn't jeopardise our sale and there was a chain free house on the market that I would go and look at if he didn't give us and the solicitors the confirmation we were asking for. I expressed the fact that if my buyers pull out because our seller is just sat back many months from completing on a house, none of us will sell out houses and they'd all be back on the market, he wouldn't get the bigger home of his dreams either.
We moved in recently and they went in to rented having still not offered on another property 4 months on.How long did it take them to find a rental? Our sellers are moving into a rental and house was marketed as no onward chain, hence why we made an offer the place despite it needs some work.We are worried that they are going to take months to find somewhere to rent and delay everything.0 -
JC0733 said:FlyMeSomewhere79 said:We were recently in a similar situation, we had first time buyers sat in rented that were not going to want to hang about, our vendors had very set ideas about the next house they wanted and I had to start pushing for them to go into rented as we got closer to completion. He would waiver about whether he would or he wouldn't and so I gave him the ultimatum that I really wanted his house but we couldn't jeopardise our sale and there was a chain free house on the market that I would go and look at if he didn't give us and the solicitors the confirmation we were asking for. I expressed the fact that if my buyers pull out because our seller is just sat back many months from completing on a house, none of us will sell out houses and they'd all be back on the market, he wouldn't get the bigger home of his dreams either.
We moved in recently and they went in to rented having still not offered on another property 4 months on.How long did it take them to find a rental? Our sellers are moving into a rental and house was marketed as no onward chain, hence why we made an offer the place despite it needs some work.We are worried that they are going to take months to find somewhere to rent and delay everything.1 -
FlyMeSomewhere79 said:JC0733 said:FlyMeSomewhere79 said:We were recently in a similar situation, we had first time buyers sat in rented that were not going to want to hang about, our vendors had very set ideas about the next house they wanted and I had to start pushing for them to go into rented as we got closer to completion. He would waiver about whether he would or he wouldn't and so I gave him the ultimatum that I really wanted his house but we couldn't jeopardise our sale and there was a chain free house on the market that I would go and look at if he didn't give us and the solicitors the confirmation we were asking for. I expressed the fact that if my buyers pull out because our seller is just sat back many months from completing on a house, none of us will sell out houses and they'd all be back on the market, he wouldn't get the bigger home of his dreams either.
We moved in recently and they went in to rented having still not offered on another property 4 months on.How long did it take them to find a rental? Our sellers are moving into a rental and house was marketed as no onward chain, hence why we made an offer the place despite it needs some work.We are worried that they are going to take months to find somewhere to rent and delay everything.That’s amazing! Ok, I will give this a go too! Our agent just been informed the outstanding enquiries have been answered but still waiting for a boiler certificate.I’m gonna try and suggest a completion date via the solicitors and see if they would agree to it.0 -
Our agent just been informed the outstanding enquiries have been answered but still waiting for a boiler certificate.
It seems crazy that this is holding things up, what is a 'boiler certificate' anyway ?
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