Offer accepted but incomplete chain

mimi_money_saver

We are FTBers at the bottom of a chain. We had our offer accepted three weeks ago but unfortunately very little has happened as the people two steps up the chain have not found anywhere to move to. Apparently neither the couple we are buying from nor the people they are buying from want to move into rented and meanwhile we are stuck in rented having no idea of even a target for moving.

Does anyone have any thoughts or experiences on this issue and any ways to move things forward. Can you set expiry dates on the offer in terms of "if we haven't got a chain by x date then we will pull out" or is that seen as counterproductive? I'm guessing it's fairly common but really we don't know how long to hang on waiting for people further up to find somewhere.

Also, am I right in saying it isn't even something our solicitor could help with since they usually only work with the people you are buying from rather than further up the chain?

We have selected a solicitor but haven't returned any questionnaires or cheques as we are worried about making a financial commitment before even having the chain complete. Do you guys think this a good idea?

As I said I'd really appreciate any thoughts (hopefully relevant ones!)

M

lush_walrus

It is totally normal what you are experiencing, it is never advisable for people to look for a property when they havent found anywhere to go to, so now that their chains have been tied up Im sure they are looking. It is also normal for people who already own a house to not want to move into rented accomodation, they may never find what they are looking for and then what they are stuck! Have sold their house and cant replace it.

With regards to threatening time deadlines, only do this if you mean it, but remember if you do and the chain doesnt tie up then you will be back at square one.

My advice would be sit tight, dont pay out any money on a survey etc, but make sure that the people you are buying from are aware that you are ready as soon as the chain is tied up.

If you are concerned that the people above the house you are buying are not looking or taking time unreasonably then ask the agent you are buying through to talk to their agent.

Patience is the key, buying houses is a long process and you cant expect anyone to make a snap decision just to help you move quickly, after all would you?

meanmachine_2

As the only proceedable buyer, you hold the reins.

Presumably you negotiated a large discount off the house, given your strong position?

Communication is the key. Make it clear that you wish to move by a certain date, and stick by this. But only if you're prepared to risk collapsing the chain.

At this rate, with the market so slow in certain areas, you might not move for months! Meantime prices could slide even further (if you're in England/Wales)and then your offer suddenly looks over generous!

Alternatively, forget the whole thing and look for a former BTL property (or inheritance) with no upward chain. Then the process should be much quicker.

jockettuk

just because your offer has been accepted doesnt stop you looking at more houses and mabey find one that doesnt have a chain.. .. no harm in looking as they say..

irnbru_2

mimi_money_saver wrote:

We are FTBers at the bottom of a chain. We had our offer accepted three weeks ago but unfortunately very little has happened as the people two steps up the chain have not found anywhere to move to. Apparently neither the couple we are buying from nor the people they are buying from want to move into rented and meanwhile we are stuck in rented having no idea of even a target for moving.

What is your rental situation viz the length of the tenancy? Are you able to give a months notice or tied to a fixed period?

mimi_money_saver wrote:

Does anyone have any thoughts or experiences on this issue and any ways to move things forward. Can you set expiry dates on the offer in terms of "if we haven't got a chain by x date then we will pull out" or is that seen as counterproductive? I'm guessing it's fairly common but really we don't know how long to hang on waiting for people further up to find somewhere.

As meanmachine has pointed out on numerous times on these forums you as a proceedable FTB are gold dust. How much in rent is it going to cost you if the move takes longer than 3 months from offer? Any additional rent you pay after this is money that could be going to your mortgage.

If you want move it speedily you need to be prepared to lose the property :eek:

1. So start looking at other properties - that'll let the agent know your not happy.
2. Ideally, you want the vendor to feel the heat. How about them paying your rent if they haven't proceeded after 3 months from offer?

mimi_money_saver wrote:

We have selected a solicitor but haven't returned any questionnaires or cheques as we are worried about making a financial commitment before even having the chain complete. Do you guys think this a good idea?

No. How much confidence does the vendor have in you if that is the current state of affairs? If you want the vendor to move out you have to give every indication you're wanting to move in!

Doozergirl

Wait! I wasn't going to reply as much of the advice already given is good but I strongly disagree on the solicitor front! You are absolutely *right* not to move on this until there is a complete chain. Most solicitors will charge you for searches up front and you do not want to waste hard earned cash before there is even a chain. You may need to move onto another property.

There is no panic - you should be the easiest link of the chain and you do not need to start until everybody else has. nobody is moving anywhere yet!

Ask the estate agent to inform the vendor that you have a solicitor standing by but they are under instructions not to do anything until there is a complete chain. I should think they will understand your point of view 100% and will be able to reassure the vendor that you are a serious buyer.

I'm sure now thebottom half of the chain is complete that the people at the top will feel confident enough to find a property to move to.

Ian_W

Agree with most above - 3 weeks isn't a long time, even when the chain is formed it might take a further 8/12 weeks to completion.

A "slow market" should IN THEORY, at least, speed things up. Sounds odd? The buyers above you will have far more choice of properties to view, with offers on their properties they'll be far better placed to get the deal they need, solicitors, mortgage co's, surveyers and even the LA searches won't be working flat out as they are in a frantic market. Even the EA's should be working harder - no sale, no fee.

How hard you want to push and give ultimatums etc depends on how badly you want that particular property - want it bad, a light hand on the tiller & stick to gentle nudges - plenty of other props that would suit your needs - push away. Only takes your vendors, vendor to object to the heat from below and pull out and you're back to the start - bit like ... snakes & ladders really!!

Do keep looking at other property and have a fall-back if you can. Just remember though, unless you can find something with vacant possession or a very short chain formed with an end in place, it's back to the start - bit like ... :mad:

Welcome to the stressful world of property buying & Good Luck.