Exchange required urgently, how quickly can it be done?

[starfish4]

For weeks we have been a chain of four properties, and for the last three weeks have all been working towards completion on 28th May. The top three are all ready with signed contracts, cleared deposits and most of the transfers signed.

Found out yesterday, the person at the bottom of the chain has decided to sell his property to a first time buyer (instead of keeping it as a rental). We understand a building society valuation is booked for 13th May. Due to their personal circumstances the people above us have to complete before 5th June. This week doesn't suit us, but we understand why and know it's best to have completion so somehow will sort it out.

If the party at the bottom of the chain gets its act together (and assuming there are no hitches), how soon does anyone think they could be ready to complete?

I know we will have to exchange and complete on the same day, but I've said we'd like two weeks notice of any suggested date parties are working towards, as I have to give two weeks notice for a day off and have confirmed cover. My husband has been told they can't grant him leave that week, so really need to ensure everything is ready.

it all depends on how quickly your local council turns round searches and if they have already been requested.

looks very tight to me, especially with another bank holiday coming. You need to do a lot of nagging. One dozy solicitor or seller not returning documents the next day and there is no chance.

I agree with special looks very unlikely. What I don't understand is if he was planning on keeping it as a rental then he must have funds in place ? Why does his buyer need to be included in this chain ?

Good question, HaveToWearHeels. We thought he was a cash buyer. We were also under the impression all parties knew we were working towards completion on 28th May (this was agreed around middle of April), parties 2-5(not that 5 has to do anything as empty) are ready. He's had plenty of time to come back and say he needs to change his plans, not wait until the rest of us are ready to exchange.

We don't need to move by 5th June but the ones above us have a valid reason for needing to do so.

oh dear. You have a pisser-about in your chain, who is happy to treat the rest of you as little people. Get your agent to start lighting a bonfire under everyone else (other agents, other solicitors) - they have a direct financial incentive to keep the chain together.

specialsubject, it's a hard one as it's the bottom of the chain messing around and don't want it all to collapse. We know the solicitors above have already been in touch with our solicitor to discuss, and I know our solicitor will speak to the one below, but unfortunately these are the three who are ready to exchange. I've asked the agents to let everyone in the chain know that completion is required very soon and that we need to know whether all parties are working to this date quite soon.

somebody needs to chase the guy at the bottom. If he wants to get the house he is buying then he needs to pay for it and sell separately.

The agent put this to him last week and he turned around and said he had a buyer. Agent is meant to be contacting us all next week, so I might suggest if it's only the mortgage offer they're waiting on, to push this chap to exchange and ease the pressure on the top of the chain. He has a few days to play with, but they don't, and it was his fault for letting the rest of us plough on since mid April thinking everyone was lining up for the 28th May

By god it's so effing frustrating isn't it?! Same with us, chain of 4 person at bottom of chain supposed to be going into rented. All ready to exchange and now they've found somewhere to buy. We are supposed to complete on 6th but we are going on holiday a week Friday so if we've not exchanged before then we can't set the date & book removals etc (even though I have provisionally for 6th). I feel like pulling out to be honest, I feel like we have no control over this and are at the mercy of the others. We've been sold since January. Arghhhhh!

Sorry to hear you're in the same position, Flossiechops. We were meant to the going camping at the end of May, put it off as we thought whole chain had agreed and were working towards 28th. Part of me thinks, just have our holiday, but knowing our look it will all come together and we'll with in the middle of a field with no signal.

Luckily we've exchanged telephone numbers with the people above us as we bumped into them. They've told us the agent said she would phone them middle of the week (they are the ones who really need to complete by early June), so we've got someone else to compare notes with. Also, we can get an idea of what they're going to do if we can't complete before their builders are booked on 5th June.