Waiting for vendor to find a house

[OverinaFlash]

We decided to put our house on the market as, although we don't really need to move, we fancied a change and more space and thought we would see what else was out there. We accepted an offer on our house within a couple of weeks, and had an offer accepted on a house which we adore. This was the 13th June, so less than a month ago. We were clear with our estate agent, and our buyers, that we would only move for the right house. Our vendors found a house they liked but the owner went with another buyer who was chain free. We have spoken with our vendor, and their agent, and said we are happy to wait for them to find somewhere, even if it takes months. We love their house, they are keen to sell it to us, and have taken it off the market. We genuinely are in no rush to move, and would wait a year if that's what it took, even if it meant finding another buyer (although our buyers don't seem in any great rush either). Are we mad or right to hold on for a house we love?

Well that is the nature of the system and of a property chain. Our buyers have a mortgage in place, as do we, and our vendors will be buying their onward purchase without a mortgage and with cash from the sale of their existing home. Short of everyone selling and moving into rented accommodation before buying, I think that is how it almost always is. It's how it was when we bought our existing house too.

Do you think you could all be bound together in the chain for years? Maybe you should all get to know each other and become friends, if it is going to be a long term association!

Given that you say you’ve all got mortgage offers, I’d suggest you have until they expire! We wouldn’t be able to proceed with our onward purchase at a higher rated than we secured in May. That might be a question to put to your buyer!