H2B valuation expiry to collapse chain

splip1

Hi,

It’s been 5 months since we had our offer accepted on a house and the sale of our current house started a couple of weeks afterwards. 

All throughout the process, our sellers have been threatening to pull out due to the amount of time it’s taking but now we have a hard date we must complete by which is Thursday this week.

This is because the house was bought with Help to Buy, and the H2B valuation expires this week (has already had an extension and this includes a ‘grace period’ of a few days)

We’ve had numerous issues with enquiries which we thought would be settled on Friday, such as understanding the estate management fee breakdown (which took over 2 weeks to get despite paying over £600 for the fast turnaround management pack). But our buyer’s solicitors have come back today with additional enquiries.

This means that it seems very unlikely we will be able to exchange, draw down funds and complete by Thursday. 

This post is a last-ditch effort to get any kind of advice or guidance anybody might have. I am exploring offering to cover the mortgage costs (this was a rental property) and the new H2B valuation costs to keep the seller at the table (and avoid collapsing the chain) as it seems unlikely we will complete before the expiration date.

Thanks 

Flugelhorn

much depends what the vendor would do if you don't complete? are they planning to remarket (could take them ages) ?  rent the house again?

I would offer the H2B valuation cost 

splip1

Flugelhorn said:

much depends what the vendor would do if you don't complete? are they planning to remarket (could take them ages) ?  rent the house again?

I would offer the H2B valuation cost 

Thanks for the response, I’m not sure to be honest. They’re previously mentioned pulling out to put the house back up for rent, as they were struggling to afford the mortgage payments of an empty property.

But at the same time, the agent told us that the reason they’re selling is because they no longer wanted to be a landlord.