Offering on a house with a break the chain request

NameUnavailable

Ah yes, people often say they'll 'move into rented' if they are holding up a chain but in practice it rarely happens.

Think about it, they need to find a suitable place to rent where they aren't tied in for too long (most are minimum 6 months and often 12). They need to get the place - demand in most areas for rental accommodation is very high. They need to pay deposits etc., and removal costs and all the other associated costs with moving, changing address details on everything etc. etc.

Then, they have to do that all again once their chain is complete and might end up having to pay for two homes for several months.

Basically, it's unlikely to happen.

Hoenir

NameUnavailable said:

Ah yes, people often say they'll 'move into rented' if they are holding up a chain but in practice it rarely happens.

Think about it, they need to find a suitable place to rent where they aren't tied in for too long (most are minimum 6 months and often 12). They need to get the place - demand in most areas for rental accommodation is very high. They need to pay deposits etc., and removal costs and all the other associated costs with moving, changing address details on everything etc. etc.

Then, they have to do that all again once their chain is complete and might end up having to pay for two homes for several months.

Basically, it's unlikely to happen.

AirBnB has made reasonably priced short term rentals virtually impossible to find. 

BarelySentientAI

NameUnavailable said:

Ah yes, people often say they'll 'move into rented' if they are holding up a chain but in practice it rarely happens.

Think about it, they need to find a suitable place to rent where they aren't tied in for too long (most are minimum 6 months and often 12). They need to get the place - demand in most areas for rental accommodation is very high. They need to pay deposits etc., and removal costs and all the other associated costs with moving, changing address details on everything etc. etc.

Then, they have to do that all again once their chain is complete and might end up having to pay for two homes for several months.

Basically, it's unlikely to happen.

Strangely, perhaps, I've done it on every house move I've ever had.

Hoenir

BarelySentientAI said:

NameUnavailable said:

Ah yes, people often say they'll 'move into rented' if they are holding up a chain but in practice it rarely happens.

Think about it, they need to find a suitable place to rent where they aren't tied in for too long (most are minimum 6 months and often 12). They need to get the place - demand in most areas for rental accommodation is very high. They need to pay deposits etc., and removal costs and all the other associated costs with moving, changing address details on everything etc. etc.

Then, they have to do that all again once their chain is complete and might end up having to pay for two homes for several months.

Basically, it's unlikely to happen.

Strangely, perhaps, I've done it on every house move I've ever had.

There's always an exception.  In the main it's not what people opt to do. As it's to their detriment and somebody elses convenience. 

Millsandovis

Yes thanks for all the comments but I did say I knew the risks involved but wanted to make the point of mentioning now that I would like them to break the chain if possible so they know my timeline from the beginning. 

For what it’s worth I had an offer accepted at 492,500 and framed it as ‘my budget’ (it was actually 500) of 485 + 7500 to help with move out and rent costs. The acceptable price they were looking for was 490 so 2500 isn’t much in the grand scheme of things if they feel like I’ve done them a solid. If they don’t move out then so be it. I can ask for a reduction (worth a try) and will move in with my partner but at least now I’ve set the tone. They also said they would try and be moved out by the end of August/September. Hopefully being on the market for 4 months, no offers & not being taken seriously on their offers will have an effect. 

My buyers are a pain in the !!!!!! anyway so I will happily stall if needed. I could easily see them pulling out now they have found out my onward purchase has collapsed. Then I can just find a new buyer (sellers market here) and the chain can all tie in together. 

A great weight off my mind if anything after the last few months of getting nowhere with another prospective purchase. 

Millsandovis

Momanns said:

I would also advise caution on this. Many people say they will and then the reality kicks in. If they do find a property they will likely stall to try and tie it all in.

Advise caution on what though? I want the house, need to offer the price they want to get it and have said in OP I will wait if needed. I’m just trying to plant the seed and get them to act with haste now rather than surprise them with it in a few weeks 

I was just asking for confirmation if there was anything legally binding I could do in my offer to get them to move quicker. 

Thanks all for the insights and I will update if they do indeed move out by Christmas 👍🏻

saajan_12

Millsandovis said:
....

I said to the estate agent that I would be prepared to offer 485k but say I will offer them the desired 490k on the stipulation that they break the chain once everything is ready. 

Now my question is, is this actually enforceable if I make an offer with the stipulation included or is it just a ‘gentleman’s agreement’? Maybe it’s the natural pessimist in me but I can’t see them dealing with all the problems that come with trying to find a rental property etc with a minimum tenancy just to make my life easier but then if they’ve had no offers and want to sell then it would make sense. 

....

 

Its not going to be enforceable, but nor is your offer. Say when you get closer, if they refuse to move out promptly and wait for an onward purchase, you could refuse to honour the price and drop to 485k or whatever. 

Going via solicitors for that agreement isn't really going to work - what would the agreement say? Say they agree to move into rented but what if they just delay queries instead? Or say they agree to complete by x date, but then are you also bound to it and isn't that just the same as exchanging now before you have checked surveys? Or say they agree to to complete by x date subject to passing survey.. but then what does failing the survey mean? etc etc. 

Best to just make your intentions clear so that people aren't surprised and hence more stubborn later. But then when it comes to it, its a negotiation. 

FlyMeSomewhere79

I was in a situation like this, I took an offer on my previous property on Halloween last year, we put an offer in and had it accepted on 2nd Nov for house that had been on the market since the March.

My buyers were FTB and sat in rented property and I didn't have time to sit back and wait too long, the property market was slow so caseloads for solicitors and the searches were low and things getting done fast.

It got January and my sellers had not put an offer in anywhere because they were being restrictive about the kind of house they wanted, where they wanted it and how much they wanted to pay.

Via the EA we broached the possibility of them moving into rented accommodation because we could all lose out on our sales if my FTBs decided to ditch abs go for one of the many chain free properties that was available at that time.

Over the next few weeks the guy would agree then he would waiver about it and he did this numerous times and I got to the stage where I threatened to pull out and look at a chain free property to protect my sale. He then agreed but we had to wait while the contracts were drawn up to get that put into the contracts - one contracts were signed he couldn't back out of it.

Millsandovis

saajan_12 said:

Millsandovis said:
....

I said to the estate agent that I would be prepared to offer 485k but say I will offer them the desired 490k on the stipulation that they break the chain once everything is ready. 

Now my question is, is this actually enforceable if I make an offer with the stipulation included or is it just a ‘gentleman’s agreement’? Maybe it’s the natural pessimist in me but I can’t see them dealing with all the problems that come with trying to find a rental property etc with a minimum tenancy just to make my life easier but then if they’ve had no offers and want to sell then it would make sense. 

....

 

Its not going to be enforceable, but nor is your offer. Say when you get closer, if they refuse to move out promptly and wait for an onward purchase, you could refuse to honour the price and drop to 485k or whatever. 

Going via solicitors for that agreement isn't really going to work - what would the agreement say? Say they agree to move into rented but what if they just delay queries instead? Or say they agree to complete by x date, but then are you also bound to it and isn't that just the same as exchanging now before you have checked surveys? Or say they agree to to complete by x date subject to passing survey.. but then what does failing the survey mean? etc etc. 

Best to just make your intentions clear so that people aren't surprised and hence more stubborn later. But then when it comes to it, it’s a negotiation. 

Yeah think this the way to play it. They hadn’t had any offers in 4 months and are relocating so I think they are desperate to get moving. For some reason I think relocating makes it more likely that they would move in with family/rent as they can then wait for the perfect house in a new location. It was also mentioned on the sales memo under special considerations. They also managed to find a solicitor and got the details sent over before going on holiday which would have been a great chance to stall so it’s looking promising. 



Thanks for the real life insight and glad it all worked out for you! 

FlyMeSomewhere79 said:

I was in a situation like this, I took an offer on my previous property on Halloween last year, we put an offer in and had it accepted on 2nd Nov for house that had been on the market since the March.

My buyers were FTB and sat in rented property and I didn't have time to sit back and wait too long, the property market was slow so caseloads for solicitors and the searches were low and things getting done fast.

It got January and my sellers had not put an offer in anywhere because they were being restrictive about the kind of house they wanted, where they wanted it and how much they wanted to pay.

Via the EA we broached the possibility of them moving into rented accommodation because we could all lose out on our sales if my FTBs decided to ditch abs go for one of the many chain free properties that was available at that time.

Over the next few weeks the guy would agree then he would waiver about it and he did this numerous times and I got to the stage where I threatened to pull out and look at a chain free property to protect my sale. He then agreed but we had to wait while the contracts were drawn up to get that put into the contracts - one contracts were signed he couldn't back out of it.