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What do I need to know about being in a chain?

(6 Posts)
TisapityshesaGeordie Wed 10-May-17 13:23:43

Last time we were first time buyers purchasing a vacant house - therefore no chain, all quite straightforward.

This time, our buyer has 3 people below her, and that's before we've even found somewhere.

What should I be aware of or cautious about? Is there anything we should or shouldn't do whilst waiting for things to proceed?

friskybivalves Wed 10-May-17 13:40:11

The longer the chain, the more likely it is for a link to snap...

Bythebeach Wed 10-May-17 13:54:09

It sucks!!! We've had delays and stops and starts and near collapses of the chain (4 below us) but have now exchanged!! Original exchange due March!

EatsShitAndLeaves Wed 10-May-17 15:34:06

Chains can be very stressful - simply because you have no control and so much can go wrong.

It's why sellers will often accept a lower offer for buyers not in a chain.

In your position you can't do much about the chain below you but you can - if you choose - to cut it above you.

In your situation we made plans to move out regardless of us finding our new house.

As soon as contracts were exchanged we signed up for 3 months rental.

Yes it involves a double move - but we "packed" carefully and put most things in storage and only took the basics to the rental.

The major benefit was we could offer on houses without a chain and in the end negotiated £30k off our new house. Well worth the cost of rent and a double move.

The level at which we were buying meant that relatively few buyers were chain free. If you are buying at a price that first time buyers could conceivably stretch to, it's not such a differentiation and less worth while.

TheGoodWife16 Wed 10-May-17 16:23:53

We're 4th in a chain of 5 (we're buying a new build) and, if you remove the fact that the chain has already collapsed once thanks to the first buyers walking away, the biggest issue we've had is obtaining accurate information regarding progress and state of play of the bottom end of the chain.

The agency dealing with buyers one, two and three is the same which should make things easier, but they're as much use as a chocolate teapot and we've had to rely on our agents to chase all three conveyancing teams for updates.

We're ready to exchange, but the bottom of the chain is still awaiting searches which aren't due in until the end of the month allegedly. We have no choice but to sit it out and wait. Meanwhile our exchange deadline was last week and we're relying on our builders to bear with us.

I'd advise you to be prepared for frustration, despair and an overwhelming sense of nausea during the process because you simply cannot trust that everything will fall into place until those contracts are exchanged.

Best of luck!

TisapityshesaGeordie Wed 10-May-17 18:05:11

Ugh. I suspected as much. Dreading this...!

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