To buy in a chain or not?

snowqueen555

Hi,

There's 4 flats available in a development. The best one (also the largest and cheapest) is in a chain of 4-5. The other three aren't, smaller, but are all chain free. My worry is that if I go for that one and the chain fails I'll  probably lose out on the others as they will have sold by then.

Do you think it's worth the risk, or play if safe and buy a smaller flat with no chain?

I've been looking for so long now, to put things in perspective, really wouldn't want to lose out.

Thanks

Emmia

snowqueen555 said:

Hi,

There's 4 flats available in a development. The best one (also the largest and cheapest) is in a chain of 4-5. The other three aren't, smaller, but are all chain free. My worry is that if I go for that one and the chain fails I'll  probably lose out on the others as they will have sold by then.

Do you think it's worth the risk, or play if safe and buy a smaller flat with no chain?

I've been looking for so long now, to put things in perspective, really wouldn't want to lose out.

Thanks

You have to live in the flat. I'd go for larger and cheaper with chain. 

You'd end up in a situation of buyers remorse when that flat sells if you're in the pricier and smaller nearby flat.

Albermarle

Couple of questions:

Why is the best and largest flat also the cheapest ? 

The housing market is a bit slow at the moment, especially for flats. So seems unlikely that the 4 others will get sold that quickly. Even if they do then presumably others will come on the market in that development?

SarahB16

A few questions:

Do you have a home to sell or are you at the bottom of the chain without a home to sell?  

So the flat you want is second from the bottom of the chain and then there are a couple more homes further up the chain.

I don't think this is a new development but there are four flats for sale?  How many flats are in the development?

My opinion:  I concur with Emmia I too would go for this larger flat.  They could be frustrated with the slow market in selling flats and priced it lower to sell.  

silvercar

Just because the sellers claim they aren’t in a chain, doesn’t mean a chain couldn’t suddenly appear. Speaking from bitter experience.

snowqueen555

Albermarle said:

Couple of questions:

Why is the best and largest flat also the cheapest ? 

I don't know why it is, but it's the larger size and also priced the same as the smaller sized ones. It's also the nicer one because it's lived in so quite homely. Two of the other ones for sale are expensive rental, so ugly and need more work.

The 4th one is also really nice but it's ground floor right by a fire door and the noise from that door banging through the day is the only thing putting me off.

SarahB16 said:

A few questions:

Do you have a home to sell or are you at the bottom of the chain without a home to sell?  

So the flat you want is second from the bottom of the chain and then there are a couple more homes further up the chain.

I don't think this is a new development but there are four flats for sale?  How many flats are in the development?

My opinion:  I concur with Emmia I too would go for this larger flat.  They could be frustrated with the slow market in selling flats and priced it lower to sell.  

Hi, I'm FTB. Yes that's right, a couple more above the chain. This isn't a new build, about 25 years old and around 37 flats. I'm happy with the development as I've already done the research. Service charges are reasonable and spoke to a few residents I saw who said no problems living there.

I would also think to go for the one with a chain. If the chain collapses and I'm still waiting to buy, can you in theory just keep the purchase on hold until they find somewhere else? I don't understand how that side of things works.

Thanks

SarahB16

snowqueen555 said:

Albermarle said:

Couple of questions:

Why is the best and largest flat also the cheapest ? 

I don't know why it is, but it's the larger size and also priced the same as the smaller sized ones. It's also the nicer one because it's lived in so quite homely. Two of the other ones for sale are expensive rental, so ugly and need more work.

The 4th one is also really nice but it's ground floor right by a fire door and the noise from that door banging through the day is the only thing putting me off.

SarahB16 said:

A few questions:

Do you have a home to sell or are you at the bottom of the chain without a home to sell?  

So the flat you want is second from the bottom of the chain and then there are a couple more homes further up the chain.

I don't think this is a new development but there are four flats for sale?  How many flats are in the development?

My opinion:  I concur with Emmia I too would go for this larger flat.  They could be frustrated with the slow market in selling flats and priced it lower to sell.  

Hi, I'm FTB. Yes that's right, a couple more above the chain. This isn't a new build, about 25 years old and around 37 flats. I'm happy with the development as I've already done the research. Service charges are reasonable and spoke to a few residents I saw who said no problems living there.

I would also think to go for the one with a chain. If the chain collapses and I'm still waiting to buy, can you in theory just keep the purchase on hold until they find somewhere else? I don't understand how that side of things works.

Thanks

I'm pleased to hear that is the flat you want to go for as it definitely sounds like the best one.  

I obviously don't know the details but it definitely sounds like the flat you wish to buy is being marketed for a lower selling price as they definitely want to move (for a variety of reasons and not due to the actual flat).  

Yes, if the chain collapses do let the homeowner of the flat know that you are still keen to move in there.  I actually think you should tell them this sooner rather than later as it would really work in your favour the homeowner of the flat knowing this.  Also let them know you are a first time buyer (i.e. you are not in a chain so won't be held up having to sell a place of your own).  The only problem you may face is that your mortgage offer may expire but shouldn't be an issue you getting a new one but something for your to bear in mind in terms of future timings.

Sounds like at this stage your offer hasn't yet been accepted but I would let the homeowner know, via your estate agent that you would wait as you are interested.  That will be music to their ears.  

Personally, if I was the homeowner of the flat you want to buy I would love to have somebody like you ready to move in and also happy to wait in case there are delays.  Key thing for you is to show you are a reliable and honest person with a mortgage offer.  

To make sure there's nothing you've overlooked perhaps just use ChatGPT/co-pilot or another AI chat tool and ask them lots and lots of questions to ensure you don't overlook anything.  
  

snowqueen555

SarahB16 said:

snowqueen555 said:

Albermarle said:

Couple of questions:

Why is the best and largest flat also the cheapest ? 

I don't know why it is, but it's the larger size and also priced the same as the smaller sized ones. It's also the nicer one because it's lived in so quite homely. Two of the other ones for sale are expensive rental, so ugly and need more work.

The 4th one is also really nice but it's ground floor right by a fire door and the noise from that door banging through the day is the only thing putting me off.

SarahB16 said:

A few questions:

Do you have a home to sell or are you at the bottom of the chain without a home to sell?  

So the flat you want is second from the bottom of the chain and then there are a couple more homes further up the chain.

I don't think this is a new development but there are four flats for sale?  How many flats are in the development?

My opinion:  I concur with Emmia I too would go for this larger flat.  They could be frustrated with the slow market in selling flats and priced it lower to sell.  

Hi, I'm FTB. Yes that's right, a couple more above the chain. This isn't a new build, about 25 years old and around 37 flats. I'm happy with the development as I've already done the research. Service charges are reasonable and spoke to a few residents I saw who said no problems living there.

I would also think to go for the one with a chain. If the chain collapses and I'm still waiting to buy, can you in theory just keep the purchase on hold until they find somewhere else? I don't understand how that side of things works.

Thanks

I'm pleased to hear that is the flat you want to go for as it definitely sounds like the best one.  

I obviously don't know the details but it definitely sounds like the flat you wish to buy is being marketed for a lower selling price as they definitely want to move (for a variety of reasons and not due to the actual flat).  

Yes, if the chain collapses do let the homeowner of the flat know that you are still keen to move in there.  I actually think you should tell them this sooner rather than later as it would really work in your favour the homeowner of the flat knowing this.  Also let them know you are a first time buyer (i.e. you are not in a chain so won't be held up having to sell a place of your own).  The only problem you may face is that your mortgage offer may expire but shouldn't be an issue you getting a new one but something for your to bear in mind in terms of future timings.

Sounds like at this stage your offer hasn't yet been accepted but I would let the homeowner know, via your estate agent that you would wait as you are interested.  That will be music to their ears.  

Personally, if I was the homeowner of the flat you want to buy I would love to have somebody like you ready to move in and also happy to wait in case there are delays.  Key thing for you is to show you are a reliable and honest person with a mortgage offer.  

To make sure there's nothing you've overlooked perhaps just use ChatGPT/co-pilot or another AI chat tool and ask them lots and lots of questions to ensure you don't overlook anything.  
  

Thanks, chatgpt is helpful. I forgot to say (or understand), but the chain is still open, as the person at the top of the chain is still looking, so in theory the chain could get bigger and bigger, that's the problem.

FrugaiMacDugal

Can you talk to 'your' seller direct, EAs faff about too much?

Explain that you want a quick deal, seller might be happy to find alternative accommodation temporarily and you can secure the deal.

Murphybear

silvercar said:

Just because the sellers claim they aren’t in a chain, doesn’t mean a chain couldn’t suddenly appear. Speaking from bitter experience.

We’ve read on here and in other places that EAs have told prospective buyers that a particular property is not in a chain only to find out that it is 

Albermarle

snowqueen555 said:

SarahB16 said:

snowqueen555 said:

Albermarle said:

Couple of questions:

Why is the best and largest flat also the cheapest ? 

I don't know why it is, but it's the larger size and also priced the same as the smaller sized ones. It's also the nicer one because it's lived in so quite homely. Two of the other ones for sale are expensive rental, so ugly and need more work.

The 4th one is also really nice but it's ground floor right by a fire door and the noise from that door banging through the day is the only thing putting me off.

SarahB16 said:

A few questions:

Do you have a home to sell or are you at the bottom of the chain without a home to sell?  

So the flat you want is second from the bottom of the chain and then there are a couple more homes further up the chain.

I don't think this is a new development but there are four flats for sale?  How many flats are in the development?

My opinion:  I concur with Emmia I too would go for this larger flat.  They could be frustrated with the slow market in selling flats and priced it lower to sell.  

Hi, I'm FTB. Yes that's right, a couple more above the chain. This isn't a new build, about 25 years old and around 37 flats. I'm happy with the development as I've already done the research. Service charges are reasonable and spoke to a few residents I saw who said no problems living there.

I would also think to go for the one with a chain. If the chain collapses and I'm still waiting to buy, can you in theory just keep the purchase on hold until they find somewhere else? I don't understand how that side of things works.

Thanks

I'm pleased to hear that is the flat you want to go for as it definitely sounds like the best one.  

I obviously don't know the details but it definitely sounds like the flat you wish to buy is being marketed for a lower selling price as they definitely want to move (for a variety of reasons and not due to the actual flat).  

Yes, if the chain collapses do let the homeowner of the flat know that you are still keen to move in there.  I actually think you should tell them this sooner rather than later as it would really work in your favour the homeowner of the flat knowing this.  Also let them know you are a first time buyer (i.e. you are not in a chain so won't be held up having to sell a place of your own).  The only problem you may face is that your mortgage offer may expire but shouldn't be an issue you getting a new one but something for your to bear in mind in terms of future timings.

Sounds like at this stage your offer hasn't yet been accepted but I would let the homeowner know, via your estate agent that you would wait as you are interested.  That will be music to their ears.  

Personally, if I was the homeowner of the flat you want to buy I would love to have somebody like you ready to move in and also happy to wait in case there are delays.  Key thing for you is to show you are a reliable and honest person with a mortgage offer.  

To make sure there's nothing you've overlooked perhaps just use ChatGPT/co-pilot or another AI chat tool and ask them lots and lots of questions to ensure you don't overlook anything.  
  

Thanks, chatgpt is helpful. I forgot to say (or understand), but the chain is still open, as the person at the top of the chain is still looking, so in theory the chain could get bigger and bigger, that's the problem.

A chain of 4 or 5 is already quite big and susceptible to collapse, so if it gets any bigger then......

As already mentioned you could start asking questions if the chain can be reduced by someone ( maybe your seller, or their seller) moving out to moving out ( to rented accommodation, or live with family) if things are not moving.