PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Chain Stalled

Options
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?

Comments

  • ThePants999
    ThePants999 Posts: 1,748 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    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
    Tiglet2 Posts: 2,655 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    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.
  • 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
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    2024 wins: *must start comping again!*
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.