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How long is too long for chain to complete?

(19 Posts)
sellotape12 Tue 21-Jun-16 12:49:08

We're in London, where things move pretty quickly. But the woman we're buying from has decided to buy about 200 miles away. We were really hoping she might rent or live with her daughter temporarily so that we can make a risky, jittery chain complete. It could even mean that her future vendor has to buy on too.

I know we're being really impatient. I would just love to know how long roughly to wait until we apply some pressure. We have a first time buyer attached to us, who has already waited 4 weeks for us to find somewhere.

I was thinking we might press the EA - either to suggest she rents, or for us to say we'll start looking elsewhere - at the 8 week mark. But please tell me if I'm being unreasonable!

wowfudge Tue 21-Jun-16 13:12:52

Yes - I think you are and you say you know you are being really impatient. Your buyers have waited four weeks for you so now you are thinking about putting a squeeze on your vendor? Typically it takes around 12 weeks to conclude a property transaction although it can be quicker and it can take longer, depending on the circumstances.

I think that you and your buyers need to be realistic. Do your buyers have their mortgage or funds in place? Why can't you conclude your sale and stay somewhere short term?

JellyBellyKelly Tue 21-Jun-16 13:25:13

Have bought two properties.

First one took 16 weeks. Second 21.

Both purchases were completely chain free on both buyer's and seller's sides

Yes, you are being impatient.

whois Tue 21-Jun-16 13:30:36

Depends. You can't wait around for ever for the vendor to find a new house. If, say, 8 weeks after you had your offer accepted theu haven't found anywhere, I don't think it would be U to say 'exchange in 2 months and move into rented/family or its off'

sellotape12 Tue 21-Jun-16 14:42:11

For clarity, I didn't mean how long will it take to get to exchange of contracts. I know that will take some months. I was just asking who long does it usually take (esp. in London) for all members of the chain to have found properties they like.

This is the only non end of chain place we saw. I don't think it's unreasonable to ask if she would consider rented after an 8 week wait for her. This was recommended by our own EA so that we can at least talk timing goals.

sellotape12 Tue 21-Jun-16 14:42:26

how *

whois Tue 21-Jun-16 17:06:07

* I don't think it's unreasonable to ask if she would consider rented after an 8 week wait for her.*

I think that is reasonable too.

Mummyme87 Tue 21-Jun-16 18:13:06

It took us about 3-4months to complete our chain on a booming London market

Thewolfsjustapuppy Tue 21-Jun-16 18:19:59

So is the house she is buying also in a chain? Thing is it doesn't take any longer to complete outside of London. I have twice done it in under six weeks in deepest darkest Herefordshire. Completing quickly is down to the chain and the complexity of searches etc. Not location so much.

Ilikedogs Tue 21-Jun-16 18:20:59

I would just ask (nicely) of they would consider rented. It can take a while though. Our buyers have been waiting for 4 months for us to find something (there have only been 2 houses in our price range during that time) and the one we got never even hit the market.
That said we are just outside of London where I assume there would be more choice so chains completed quicker.
Moving into rented can be very difficult/impossible if they have pets. Whether they are willing to will most likely depend on if they can easily find another buyer.

sellotape12 Tue 21-Jun-16 19:00:53

Yes, true. She has no pets and will be making a cash purchase as she's admitted she's made a lot of money in London and is buying elsewhere.

I like dogs - did tor buyers get impatient at any point? We are the middle of the chain, so I'm more worried about them pulling out at the bottom as our vendor is still looking. Maybe I'll see where we are at the 10 weeks point.

(Again, I think some may have misunderstood. I am not talking about the full conveyancing period up to exchange. I was just asking how long it took for the vendors to find somewhere to offer on) smilecake

JellyBellyKelly Tue 21-Jun-16 19:18:45

Again, I think some may have misunderstood. I am not talking about the full conveyancing period up to exchange. I was just asking how long it took for the vendors to find somewhere to offer on)

Ah, my apologies.

It's a difficult one. But yes, on balance I think 8 weeks is more than patient and I'd be looking for them to make a commitment to go into rented after that.

greenfolder Tue 21-Jun-16 19:26:44

In reality it depends on how much you want her house and how long your buyers want yours. It's the easiest thing in the world to assume that someone else should rent. It may not be in her thinking at all. When we next move there would be no question of that. I would just sell to someone else.

Salmiak Tue 21-Jun-16 19:31:19

My first house was 7 months. However I was a cash buyer, living in my boyfriends house and part of my offer was that i could be very flexible with timescales, either moving super quickly or able to be patient and wait.

It took my vendors months to find somewhere to move to (to be fair there were hardly any houses coming onto the market in the area they wanted to move to and I knew that when I made my offer). Once a house came onto the market in their village they viewed it the next day, had an offer accepted straight away and we rushed through to completion in about 4 weeks. But the chain was me, them, into empty house at end of chain.

I did start chasing them via the estate agent after about 3 months of not moving and started looking at different houses after 4 months, but nothing matched this house.

Ilikedogs Tue 21-Jun-16 20:33:14

Our buyers have been really patient. We were very clear that we hadn't found anything when we sold. Their buyers are the bottom of the chain and have been waiting close to 6 months! (Happily our chain is finally complete). Our ea has been very good at keeping communication open which has helped.

We are in a very strong sellers market here and even though I would want to sell to our buyers as they have been waiting we would have let the sale fall through had they applied pressure to rent (we have a dog and toddler).

Basically who holds the stronger hand. Either way the sale could fall through and you could end up in the same position with a new vendor. How much do you want the house?

sellotape12 Wed 22-Jun-16 08:23:47

To be honest, I don't love the house and I really don't like the EA. But very little has come on in this area over the past few months.

We are selling and buying in a seller's market (SE London), yet our vendor is looking at the England-Wales border, I am unclear as to how the market is performing there.

EA is being really rude and unhelpful (it is KFH so of course). He has belittled us and chased is constantly for our survey, solicitor's progress, expecting us to get full mortgage approval within 7 days etc, yet won't discuss timings with us at all!

Ilikedogs Wed 22-Jun-16 09:08:08

Ours is similar in that it's a very slow sellers market. I would keep looking at anything that comes onto the market just in case.

PollyPerky Thu 23-Jun-16 13:35:21

TBH house selling can be done quite quickly if everyone is ready to go with a mortgage sorted and a buyer for theirs. We've completed a chain of 3 in around 4 weeks by badgering our solicitor and asking him to do the same with the buyers. It's usually the legal teams who are slow and they respond to nagging.

Thewolfsjustapuppy Thu 23-Jun-16 14:55:20

We have exchanged contracts today, we made our offer in March but were gazumped. Then karma took over and the other buyers pulled out so we made a much lower offer (I wouldn't have but I love this house) which he accepted. The seller has been the most twitchy of any seller I have known, and the EA has been a bloody pain in the backside too. But as they both were happy to gazump us back then we have happily sailed along at our own pace with the help of a lovely solicitor who has backed us up at every turn.
We are in Cornwall and could have done it in 6 weeks had we been so inclined.

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