chain problems??

linmarie

Hi,

We have been in a perfect storm of a chain with very anxious buyers on one side and an extremely laid back vendor on the other. The sale of our house was agreed in November last year so it has been going on for 5 months and both buyers and us have been distressed at the time it has taken. We have moved as quickly as we could, finding the property we wanted within three days of agreeing our sale - delays from then on have been caused initially by the buyers claiming that we had built an extension (we hadn't) in contravention of our leasehold agreement and by the vendor delaying at every stage.  The Vendor has now lost her onward purchase and the buyers have pushed us  (or maybe we are just feeling pressured)  into finding a new property with no chain. we've looked at loads but don't like the properties with no chain (apart from one which sold on the day it came on the market). We've found one we want to make an offer for but there is a chain...
I'm worried about the possibility of going through the whole process of putting an offer in, getting searches and surveys done (which has already cost us thousands for the first purchase) and then possibly losing our buyers anyway because they get fed up waiting...

Any advice...? 

grumpy_codger

That's the problem with chains. I think there are only two ways to avoid the problems:

• Sell first and move to a renal accomodation.
• Buy first if you can raise funds temporarily.

With savings big enough we were able to use the second option by taking a small 2-year mortgage.

FlorayG

You are potentially going to live there for many years. Don't let anyone 'pressure' you into buying something that isn't exactly what you want.

linmarie

UPDATE; we didn't put an offer in on a chain free house but did find a house that we love and, luckily it is a short chain. In the two weeks since we viewed this house the vendors have already found another property and we both have surveys booked. It's just a question of holding your nerve I think  - but it's so frightening! so far, our buyers are keeping quiet!

Bigphil1474

Your buyers might huff and puff, but in reality it will cost them money if they pull out now, and they probably won't move any sooner as they'd have to start the process again. Patience is the key word, for everyone.