Breaking the chain

[insomniac1]

Hi - just wanted to get your opinions.

We are currently at the bottom of a property chain. The chain has 4 levels.

Everyone is ready to exchange apart from the person at the top who is insisting on waiting for a document (which I've been told isn't even necessary but that's his prerogative).

We needed to complete by tomorrow as our landlord wants his house back and we have to move by tomorrow.

We had built in a buffer for delays of 3 weeks when we were planning to stay in a serviced apartment (although this is really expensive as we are a family of 5).

We have now been told it will be at lease another month (could be longer) as the top of the chain is going on holiday for a month.

We have stayed hundreds of times to the agent and vendor that if we can't complete by end of October we will have to sign another rental contract in which case we can't buy the house.

We asked if the vendor would be willing to break the chain. He said no. He asked his vendor if they would be willing to break the chain - again no. So effectively the chain will break now and everyone back to square 1.

My AIBU is.....I don't understand in this market why vendors wouldn't break the chain to secure s buyer? If house goes back on market they may take ages to find another buyer and likely at a lower price. If I was selling I would 100% break the chain to secure the sale. AIBU?

Thank you!!

They might not be as driven as you to move and don't mind waiting another six months or a year.

The property they are buying might not have been their first choice.

Lots of reasons why people won't break the chain as it were.

Good question.

Fear that cash isn’t safe in bank? Fear that prices may suddenly rise?

I’d also like the answer to that.

They may not be able to afford to break the chain (no money to rent, no place found to rent, no storage for stuff that won't fit in the rental) just as you can't afford extra rent.

Except perhaps you can - how long is your notice to quit? Sign another agreement, and insist the interval between exchange and completion matches the correct length of notice you need to give to quit your rental

Thanks all. These are great points. For our vendor it's def not an affordability thing.

We would have to be in the rental for at least 8 months. I doubt they will all be willing to wait that long? Mortgage offers etc will expire

Have you asked your landlord if you can go on a rolling monthly contract?