Options
Buying a house thats in a chain
Ok so I've found a nice house and have put in an offer and its been accepted.
I'm a first time buyer but the vendor has to find a place so I could be waiting a while, especially if the vendor's new place is also in a chain.
Now I've never been in one before, the house I bought and sold previously there were no chains and the entire sale from start to finish took 4 weeks. So how long is the average wait would you say I'm expecting?
Also is it possible to stipulate in the contract a completion date? we haven't yet exchanged contracts so can I say I don't want to be in a chain and expect them to have moved by a certain date (even if they haven't yet completed on their purchase?). Obviously I would give them reasonable enough time, but I just don't want to wait over 6 months to a year before I can move in!!
Thanks in advance.
I'm a first time buyer but the vendor has to find a place so I could be waiting a while, especially if the vendor's new place is also in a chain.
Now I've never been in one before, the house I bought and sold previously there were no chains and the entire sale from start to finish took 4 weeks. So how long is the average wait would you say I'm expecting?
Also is it possible to stipulate in the contract a completion date? we haven't yet exchanged contracts so can I say I don't want to be in a chain and expect them to have moved by a certain date (even if they haven't yet completed on their purchase?). Obviously I would give them reasonable enough time, but I just don't want to wait over 6 months to a year before I can move in!!
Thanks in advance.
0
Comments
The wait can be as long as it takes. Your seller may find a house with vacant possession, but even then something else could hold that sale up. Or they could find a house that already has a big chain.
If your seller is really motivated to make the sale they may be willing to move out before their purchase is complete. But they don't need to agree to it. If they aren't prepared to move before their purchase is final you will either have to deal with it or find somewhere else to buy.
And yes your contract will have a completion date but when there is a chain all contracts are exchanged at the same time, your buyers will not be exchanging contracts with you beforehand.
Just give them a deadline to exchange contracts. If they're serious about selling they may move into rented accomodation if they can't find a property to buy themselves.
But what happens if we agree a completion date, exchange contracts and then the vendor isn't able to complete on the agreed date? what happens then? I just have to wait even though we have a binding contract?
Also how can I find somewhere else to buy if we have exchanged contracts by then?
I would like to give them a deadline but what would you say is a reasonable enough time do you think I should ask?
Once you've exchanged contracts and agreed a completion date, the vendor has no choice but to leave (well, I suppose they could attempt to squat, but you could then sue).
Excellent! I was mainly worried about never knowing when I move in, I don't mind if the completion date is up to 6 months away, but I wouldn't want it to drag on with no end in sight!
Ahh, fair enough. Thanks
not these days, first time buyers can get government benefits.
As for the chain, anything from 6 weeks to 6 months. In really depends on how many people are in the chain and how clued up they (and their solicitors and estate agents) are. I've head of 10+ houses changing without problems and 3 house chains collapsing at the last minute. In theory the agent should be checking that people have at least got mortgage offers in place before accepting an offer and i've heard of them even failing to do that.
But I guess the exchange of contracts can be the bit that drags on then if I don't set a deadline?
Also does this mean its normal to keep looking for other properties still before the exchange of contracts?
Like Keefy says, I don't have a house that I have to sell first, so I'm technically classed as a first time buyer.
Which frankly I feel as if I am as my last house I barely had any dealings with as I left that to the ex and the solicitor!
I still actually qualify for the help to buy scheme thankfully as thats what I'm using the help me purchase.
Yep, one of the first things the estate agent asked for was a copy of my mortgage in principle before I could put an offer in, so I'm hoping they are all going to be a diligent as that.
Im quite confused by it all and cant really remember what happened last time.
That's right. A lender may offer you an "Agreement in Principle" but until you've found a house and have an offer accepted you can't actually apply for a mortgage as the bank needs to know what they are lending against.
It's a good idea to have a mortgage broker and solicitor lined up in advance so that you can proceed with the process as soon as your offer is accepted.
Being in a chain is a pain as the whole process can collapse due to someone further up the chain who you've never heard of and will never meet.
But what would that deadline be based on? Realistically all you can threaten is that unless your seller is ready to exchange by a certain date, you will pull out of the deal. Now it's possible that if the circumstances of your seller were such that they were desperate to sell they might think of moving to a rented place until they find somewhere but that would be expensive for them. As you sound like you are at the lower end of the market where alternative buyers may not be difficult to come by, they would probably call your bluff. At best it might push them into buying another place that may not meet all of their wish list rather than waiting for their dream home.
In reality, most property deals are part of a chain of some sort and it works OK. None of the contracts will be finalised until the whole line is set up.
As to whether you keep looking, that's up to you. You'll have to balance the likelyhood of a long wait against what else in on the market in your range.
Chains can go on for months - or end quickly. Not much you can do
PS You claim to be a first time buyer but have bought and sold before?
Read previous posts in the thread.
You're right, I don't have much leverage frankly. Considering I was bidding against at least one other buyer and it went over the asking price means they could quite easily get another buyer
I guess the most I can hope for is that they do find their ideal home and its chain free! Or they find their dream home and not want to jeapordise losing it by losing their own buyer
But the OP never explained. You aren't a first time buyer if you have bought before by definition!
The OP did explain... See post #15.
I wouldn't set a deadline, that can put too much pressure on the situation. These things take as long as they take. The best way I have found is to keep in close contact with your solicitor and the estate agent so you know where the vendor is.
There's always a risk of things falling down, so I would keep my eye on other properties, but take it no further. Keep your focus on the one you want.
This us why moving house is so stressful. At least your at the bottom of the chain, so your the one making it happen, and there's no risk of someone below you bringing it down, which can be the worst thing.