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  • FIRST POST
    • DonPatch
    • By DonPatch 6th Feb 18, 3:21 PM
    • 29Posts
    • 13Thanks
    DonPatch
    Chain Stalled
    • #1
    • 6th Feb 18, 3:21 PM
    Chain Stalled 6th Feb 18 at 3:21 PM
    Hi

    I'd just like an opinion on my situation.

    Timeline -
    Offer accepted on our house October
    Offered on a property mid October, accepted early November.
    Searches done, enquiries.made, surveys done
    15th December - Told that the vendors vendor has had to pull out of their purchase and will look for something in January.

    Today. They've not found something as yet which I understand.

    Im worrying because my mortgage offer expires end of May.
    My buyers expires beginning of May.

    What happens now? Should I look for something else? Would that even speed things up?

    The rate I'm offered is no longer available and I have now moved jobs. (Higher salary, different company). Will I lose the rate and fee on a new house?

    I can't sell and rent until they are ready as it's twice the price of my mortgage.

    In your opinion do I just wait and see what happens or can I take slight control over it?
Page 1
    • ThePants999
    • By ThePants999 6th Feb 18, 3:28 PM
    • 1,166 Posts
    • 1,434 Thanks
    ThePants999
    • #2
    • 6th Feb 18, 3:28 PM
    • #2
    • 6th Feb 18, 3:28 PM
    There are literally only three possible resolutions to this:

    1. You wait, and you and your buyer accept that you might need to reapply for a mortgage.
    2. Someone breaks the chain, likely by temporarily going into rented.
    3. You pull out and find somewhere new that will hopefully complete the chain faster.

    So all you can do is attempt to push for #2 (possibly using the thread of #3 to make it happen), and if that doesn't work, decide between #1 and #3.

    FWIW, my personal view on things is that if you can't afford to temporarily rent, you can't afford to buy either. What would you do if the boiler broke down the day after you moved in? Houses are expensive to own, not just to buy, and you need to have funds left over after your purchase.
    • Tiglet2
    • By Tiglet2 6th Feb 18, 3:39 PM
    • 163 Posts
    • 174 Thanks
    Tiglet2
    • #3
    • 6th Feb 18, 3:39 PM
    • #3
    • 6th Feb 18, 3:39 PM
    Mortgage offers can be extended and often are, which won't mean additional costs to you.
    Finding a new property to buy however will have additional costs, i.e. valuation survey and a new mortgage offer issued (and as you have already said, the rates may not be so favourable). Finding a new property also won't necessarily be any quicker. You'll be back at the beginning with searches, surveys and enquiries, not to mention the additional cost of these.
    • Troll Stoppers
    • By Troll Stoppers 6th Feb 18, 4:34 PM
    • 24 Posts
    • 25 Thanks
    Troll Stoppers
    • #4
    • 6th Feb 18, 4:34 PM
    • #4
    • 6th Feb 18, 4:34 PM
    Cost more at times but usually a quick move and this is what me and the family have always done.
    Try to buy chain free, sell to someone that does not have anything to sell or can fund the buy. Or sell your home once you have moved in and get a bridging loan, but can be risky if house prices crash.
    • hazyjo
    • By hazyjo 6th Feb 18, 4:51 PM
    • 10,652 Posts
    • 13,929 Thanks
    hazyjo
    • #5
    • 6th Feb 18, 4:51 PM
    • #5
    • 6th Feb 18, 4:51 PM
    Gawd, it's hard enough waiting for the right house to come along without limiting it to ones with no chain!


    Would never advise a bridging loan unless it's guaranteed to be for days rather than several weeks or months (or indefinitely). You really don't want to be stuck with an expensive bridging loan plus a mortgage to pay.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
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