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Chain of 14...exchange not progressing!
Comments
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No, you can’t do that. Firstly the other solicitors won’t speak to you, and secondly if they did they would just laugh.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.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
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(My username is not related to my real name)0 -
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.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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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.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.
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.1 -
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!1 -
There could be downsizers as well as upsizers in the chain.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!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.2 -
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 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 username is not related to my real name)0 -
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.peterhjohnson said:
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 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.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2
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