Chain of 14...exchange not progressing!

sheramber

I was buying in Scotland.

My vendor was told completion had happened at 7 pm on Friday night.

I was told at 11 am on Saturday that everything had gone through and I could now collect the keys. 

My vendor was still moving out when I went to collect them, having only been told to go ahead at 7 pm the night before. 

EssexHebridean

Eek - now in England that would be a major faux pas as the instruction to collect the keys is not meant to happen unless the keys have physically been left with the agent (or wherever else the collection point might be!) 

annetheman

Gosh this sounds absolutely awful and so stressful. I must admit I don't have any sage advice as only ever experienced a chain of 3, so can only imagine what I'd do in this scenario.

You mentioned the reluctance to break the chain due to their age etc. I think if there is anyone in the chain at all who is willing and able to let their buyer break the chain and help in a practical sense - such as has been suggested, storing things in a garage, that immediately alleviates a whole lots of stress (but lots more to go in such a long chain)!

Anecdotal only - I broke my chain of 3 recently, as my onward house had a Title issue and my buyer was good-to-go and had put in notice before exchange... Luckily, I had my dad's garage and spare room free to move all my belongings into and he is mortgage free in a 5 bedroom house in London right on the Elizabeth line, making it convenient for work, and he refused all my attempts to pay him for my stay.

That was on 23 August, and at the time I anticipated by mid-September, my onward house might be proceeding to exchange. We are nowhere near - Title application was rejected so any talk of exchange is pushed back by another 2 months, and I've been forced to apply for another mortgage as mine expired.

I think that is one of the main reasons why people always caution against breaking the chain - timelines could be for much longer than you think.

So if the person in the middle of your 14 IS willing to break it and has free storage option, it is ideal only if they are also in a living situation which allows for them to stay for much longer than expected, i.e. from weeks to months. This is probably only realistically with family.

pinkshoes

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. 

It's a well known fact solicitors are slow...

So if each solicitor takes around an hour to pick up the exchange call with the solicitor below, then make the call to the solicitor above, then 7 hours later you get to house number 7 and they find that it's 5pm and solicitor number 8 has gone home...

So realistically, do you think they're going to manage 14 in one day?!?!?!

SOMEONE is going to have to break the chain. And I suggest your parents do it (and ideally someone else around house 8 or 9)

Complete on their sale, put the stuff into storage, they can move into an airBnB or hotel or family, then they have the cash and become 1st in the chain at the bottom. 

Ask for an additional £1000 from their buyer to cover storage and short term accommodation, and agree to break the chain. 

sheramber

EssexHebridean said:

Eek - now in England that would be a major faux pas as the instruction to collect the keys is not meant to happen unless the keys have physically been left with the agent (or wherever else the collection point might be!) 

The vendor was handing over the keys at the house.

When we bought in England we collected the keys from the vendor at the house.

trakky14

For anyone interested in the outcome they exchanged on Friday! The blockage at number 7 was resolved and somehow it went through. Completion was yesterday…somehow 😂 my inlaws were low down on the chain so they completed at 11:55, goodness knows about the rest! 

silvercar

trakky14 said:

For anyone interested in the outcome they exchanged on Friday! The blockage at number 7 was resolved and somehow it went through. Completion was yesterday…somehow 😂 my inlaws were low down on the chain so they completed at 11:55, goodness knows about the rest! 

Great news! Thanks for reporting back

housebuyer143

trakky14 said:

For anyone interested in the outcome they exchanged on Friday! The blockage at number 7 was resolved and somehow it went through. Completion was yesterday…somehow 😂 my inlaws were low down on the chain so they completed at 11:55, goodness knows about the rest! 

Congratulations! Bet you will not be rushing to go through that again.

EssexHebridean

And this goes to prove that it absolutely is possible! Chances are that the remaining completions didn’t take that much longer to follow through either - completion is very quick as long as people get their act together on the money side and everyone is on the all to watch for funds getting caught up in fraud checks. 

Congrats to your in-laws on their new home!