Chain of 14...exchange not progressing!

trakky14

Hi all, 

My parents are in a chain of 14...absolute nightmare. We are technically done...been trying to exchange for 2 weeks, first couldn't agree dates, then movers had zero availability for us (and one other). Movers had a cancellation, hurray. Everyone confirmed next week for completion on the 24th. Solicitors at the bottom end (our end) have been trying to exchange for 3 days. The make the call to release...it goes to the next solicitor and so on. Its gets to about house 7 and no further. We don't know why. Its beyond frustrating. We are house number 4 in the chain. The estate agents are trying to find out what the issue is but are getting nowhere, solicitor can only talk to the one above/below and they don't know either. 

Can conveyancers at the bottom of the chain start trying to release before everyone has confirmed? The agents and our solicitor has been told that top is ready, "everyone" can do the 24th, yet we are going nowhere and I'm losing the will here. It feels like they are just hoping it will go through?? I'm not familiar with the process so don't understand if they can say go, without everyone agreeing? 

To add to our woes the movers want to give the date to another party so I'm getting squeezed for constant updates... I just want this to be over! 

Oh and the FTB at the bottom has already given notice on their rental (not clever) and saying it has to happen by October or they pull out. They have extended their lease for an extra 2 weeks as they initially gave notice for 18th Sept, a month before we even started talking dates! And several sets of movers have no availability until October now. 

propertyrental

No one can Exchange unless everyone exchanges.

No one can Exchange unless everyone agrees the Completion date.

Very hard to do with 14 properties involved.......

trakky14

I understand that but I don't understand how you can start the 'process of exchanging' if everyone has not agreed? Surely that is a massive waste of conveyancers time (and clients money??) Is someone not doing their job here by not checking all 14 people? Or is that not how it works?

loubel

It's going to be a massive struggle to exchange with a chain of 14 - and completion is going to be a nightmare for the properties nearer the top as it's quite likely that funds simply won't make their way up to them in time. 

It is possible for the top and the bottom of the chain to start the exchange process in different directions - so moving up from the bottom and down from the top, meeting in the middle and then back out again rather than bottom to top and then all the way back. That's probably the only way you're going to get 14 transactions done in one day.

trakky14

loubel said:

It's going to be a massive struggle to exchange with a chain of 14 - and completion is going to be a nightmare for the properties nearer the top as it's quite likely that funds simply won't make their way up to them in time. 

It is possible for the top and the bottom of the chain to start the exchange process in different directions - so moving up from the bottom and down from the top, meeting in the middle and then back out again rather than bottom to top and then all the way back. That's probably the only way you're going to get 14 transactions done in one day.

Thank you, breaking the chain has been proposed but the majority of the parties are elderly people and do not wish to do so, I can understand that. Very difficult. 

If we knew what the issue was that would be helpful...! 

saajan_12

I sympathise, but the issue is really its a huge number of people that need to coordinate for the same dates - imagine 14 owners, 14 solicitors, 14 movers, some are couples so probably 50+ people, and no single boss that everyone will listen to. 

2 weeks isn't really that long, it can take that long for just a couple of properties, let alone 14. 

If no one can break the chain, then all you can do is try to reduce the hard and fast criteria on your end - can you consider other movers or self move (with a man & van plus family help) or leave a longer gap between exchange & completion so you exchange and then have time to find a mover? 
The same way you're feeling frustrated, others are probably feeling the pain of you having to check with your mover, etc before responding.. fully understand why, but at the same time its fairly normal to exchange and then book movers. 

trakky14 said:

Hi all, 

My parents are in a chain of 14...absolute nightmare. We are technically done...been trying to exchange for 2 weeks, first couldn't agree dates, then movers had zero availability for us (and one other). Movers had a cancellation, hurray. Everyone confirmed next week for completion on the 24th. Solicitors at the bottom end (our end) have been trying to exchange for 3 days. The make the call to release...it goes to the next solicitor and so on. Its gets to about house 7 and no further. We don't know why. Its beyond frustrating. We are house number 4 in the chain. The estate agents are trying to find out what the issue is but are getting nowhere, solicitor can only talk to the one above/below and they don't know either. 

Can conveyancers at the bottom of the chain start trying to release before everyone has confirmed? The agents and our solicitor has been told that top is ready, "everyone" can do the 24th, yet we are going nowhere and I'm losing the will here. It feels like they are just hoping it will go through?? I'm not familiar with the process so don't understand if they can say go, without everyone agreeing? 

To add to our woes the movers want to give the date to another party so I'm getting squeezed for constant updates... I just want this to be over! 

Oh and the FTB at the bottom has already given notice on their rental (not clever) and saying it has to happen by October or they pull out. They have extended their lease for an extra 2 weeks as they initially gave notice for 18th Sept, a month before we even started talking dates! And several sets of movers have no availability until October now. 

trakky14

So it stalled again yesterday, stopped again at number 7! Someone at the bottom of the chain seems to think the issue might have now been signed off...so they are all trying again. Doubtful it will happen, feeling very jaded! 

No unfortunately we need the movers to pack (elderly parents who physically cannot do it) and its a cross country move so basically they need 3 days to move...I've tried 4 different companies nobody has availability for next week now bar the one we are managing to keep hold of, just. Today is our last chance then its October dates...assuming the bottom doesn't pull out. 

It's a terrible game to be in being so blind as to what is happening further up! Such a time waster for everyone!

BonaDea

Why not just get your parents' stuff moved as soon as the removals people can do it, and then put them up or have them stay in a hotel until the exchange is sorted?

Herzlos

They'd run the risk of huge storage costs if it took months to progress.

Can you book the movers to just do the move part and try to get help with the packing separately? Is there a garage that #5 will let you keep stuff in for a few days post move to smooth things along?

I wonder if you could contact solicitor number #7 notifying them that after the 24th everyone else wants, you'll be invoicing #7 £100/week for storage costs + whatever for the extra move the removal crew are doing. Maybe that'll get them to hurry it up a bit.

I'm assuming #5 or #6 can't be bribed into breaking the chain? 2 chains of 7 will go a lot quicker than 1 of 14 and to be fair you don't need to care what #7-#14 do if out of the chain.

housebuyer143

I think the OP needs to be prepared that even if they all agree completion and they exchange, it's highly unlikely they are all going to complete on the same day because I don't think 14 transactions will be able to take place all the same day. So the OPs parents might end up with the van full on stuff and nowhere to go. 
Just in case, it's worth looking at contingencies should they be delayed a day or two. I wouldn't advise a Friday completion date tbh.

silvercar

Someone is going to have to break the chain. The real risk is that someone's mortgage offer runs out and they are forced to re-apply. Either they won't be able to get a mortgage or they will get one at a higher rate and will try to push the increased costs along the chain.