Chain of 14...exchange not progressing!

EssexHebridean

Herzlos said:

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.

No, you can’t do that. Firstly the other solicitors won’t speak to you, and secondly if they did they would just laugh.

peterhjohnson

I wonder how often a very long chain happens? Some thoughts:

* Should some EA along the line have decided that a buyer in that length of chain was unproceedable despite looking OK?

* Here's my amateur design for a "reform" of completion day
- One of the solicitors identifies the entire chain
- Allocates a special bank account to just that entire chain
- The people and lenders in the chain are either expecting to pay a balance into the chain account or expecting to receive a balance from it
- Those who "owe" the chain must pay into the chain's bank account before (say) 0930  on completion day
- If this has happened correctly, lead solicitor triggers key hand overs. If (unusually)  someone hasn't paid, the whole chain stops. All completions fail until it's resolved.
- (Normally) At 1100 on completion day, the lead solicitor empties the chain account by paying those due a balance

silvercar

Given that usually deposits are made and mortgages drawn down the day before completion. Completion itself should be manageable. What is difficult is coordinating 14 households to agree that they are ready to exchange and agree a completion date.

Hoenir

trakky14 said:

No unfortunately we need the movers to pack

Surely a lot of the household possessions could be packed up early. Leaving a miminal amount to be done when the green light is shown. 

housebuyer143

silvercar said:

Given that usually deposits are made and mortgages drawn down the day before completion. Completion itself should be manageable. What is difficult is coordinating 14 households to agree that they are ready to exchange and agree a completion date.

It's moving the money up the chain which will be the problem. There are about 7-8 hours so unless the money is processed and transferred up every 30 mins it just isn't likely to happen all on one day. 
I wasn't in a chain when I moved and my solicitor paid the money to the other side at 9:30am and they didn't get it until 4:30pm. Same thing happened to my mate and she almost didn't move in, sitting outside the house with van full of stuff for 8 hours. 

It only takes this to happen once and the top isn't moving into their house that day. 

BungalowBel

I can't imagine a chain of fourteen!  What is the top of the chain buying -Balmoral Castle?

I have no advice to offer the OP, but they do have my sympathy!

silvercar

BungalowBel said:

I can't imagine a chain of fourteen!  What is the top of the chain buying -Balmoral Castle?

I have no advice to offer the OP, but they do have my sympathy!

There could be downsizers as well as upsizers in the chain.

peterhjohnson

silvercar said:

Given that usually deposits are made and mortgages drawn down the day before completion. Completion itself should be manageable. What is difficult is coordinating 14 households to agree that they are ready to exchange and agree a completion date.

My 6 house chain did take one failed attempt to exchange before it succeeded but on completion day for some reason I don't understand, my vendor's solicitors didn't get my money until about 3pm. I don't know how many of the other 4 dependant transactions got through that day but at that speed, perhaps not all!

silvercar

peterhjohnson said:

silvercar said:

Given that usually deposits are made and mortgages drawn down the day before completion. Completion itself should be manageable. What is difficult is coordinating 14 households to agree that they are ready to exchange and agree a completion date.

My 6 house chain did take one failed attempt to exchange before it succeeded but on completion day for some reason I don't understand, my vendor's solicitors didn't get my money until about 3pm. I don't know how many of the other 4 dependant transactions got through that day but at that speed, perhaps not all!

It’s not ideal, but worst case is that completion is delayed by a day or two for some people in the chain. Failing to actually exchange is dragging on for everyone.

EssexHebridean

For long chains, it’s not unusual for money to be transferred between solicitors the day before held strictly to order of the sending solicitor in each case - as this can speed things up on the day.