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Original poster

Extra money to break the chain WWYD?

15 replies

Lurchermom · 16/08/2020 09:53

We are in the process of buying a new house. It is only a 2nd ever house so the first time we have been in this situation really. Our first house we were in rented and our vendors had moved to America some months previously so there were just two of us in the process.

The buyers of our house are in rented, so nice and easy on that side. The house we are interested in buying (and really love) is owned by a single man. We offered £18k under asking price as it needs a lot of renovation. He came back and said he would accept £8k more or if we paid asking price (so an extra £10k) he would break the chain and move into his brothers until he found a property.
Our house is a little unusual and whilst it has only taken 3 weeks in the market to sell, we only had one offer out of nearly 20viewings (busy road, parking issues, old property though fully renovated). We also desperately want to get this stamp duty reduction so time really is important to us and if we lose our current buyers who knows how long it might take to sell ours again.

Is it worth paying the extra £10k to break that chain and reduce the chances of it all failing? Saying that I know it doesn't make it fool proof. Also how would we guarantee that he does back the chain and doesn't go back on his word and thus we've paid an extra £10k for nothing?

OP posts:

Takingontheworld · 16/08/2020 10:03

Id pay it for all the reasons you've stated.

RunningAwaywiththeCircus · 16/08/2020 10:05

This reply has been withdrawn

Message from MNHQ: This post has been withdrawn

InfiniteSheldon · 16/08/2020 10:07

I wouldn't

GinnieHempstock · 16/08/2020 10:07

I won’t. However, if need be , I would be prepared to move into rented if it falls through and continue with the sale of your house. This would then put you in a good position if you do have to look for another house.

Porridgeoat · 16/08/2020 10:09

How much is the stamp duty saving you?

user1493494961 · 16/08/2020 10:10

Would he take 5k below asking price, it's worth a try.

FreiasBathtub · 16/08/2020 10:10

Agreed, I'd be more inclined to break the chain myself. How many months of rent would £10k get you in a suitable place in your area? We did this last year in order to protect our sale (similar to you - quirky house, busy road, took us months to get an offer in a quieter market and we didn't want to lose it). Two moves, rent and storage costs do add up, but was worth it for the peace of mind. And definitely less than £10k.

FreiasBathtub · 16/08/2020 10:11

LemonadeFromLemons · 16/08/2020 11:15

Counter negotiate. Yes you’ll go up £8k but that is to include him breaking the chain. If he says no that will not include him breaking the chain then you can do as pp suggested and break chain yourself?

Beamur · 16/08/2020 11:18

Same as above. Sell yours, you move into rented accommodation. Puts you in a good position to move when you find a nice house.
Unless you really want this house and think it's worth the asking price? He hasn't really accepted your lower offer.

Original poster

Lurchermom · 16/08/2020 12:33

Yeah we really love this house. We expected the low offer to be rejected so that's not too much of a concern. We were hoping to get it for about £8k below asking, but it's not essential we save the money. I think it's a fair asking price for the area.
We wanted to avoid rental as we have a dog and know it can be tricky with landlords but if the chain looked to be about to fail we would do it if we could find somewhere to take us. But mostly we want this house.

Thanks for the advice guys, I think we will offer asking to get the chain broken - I wanted to check it wasn't a ridiculous scenario. But if he delays the chain in anyway before completion we will withdraw the higher offer as he hasn't kept his side of the bargain.
Thank you I really appreciate all the advice.

OP posts:

Zhampagne · 16/08/2020 12:38

I have encountered a few sellers who say that they are prepared to move into rented / in with family in order to achieve a target completion date. They never do it. I would want the commitment in writing but I am not a lawyer and have no idea how many expensive amendments to the contract you would need to make it binding.

Takingontheworld · 16/08/2020 13:39

Inlaws were forced into rented when selling their family home. Estage agents absolutely insisted the buyers had to be in by a set date etc.

He went round to collect post 3 months later and the house was vacant, neighbour said no one had moved in. He was fucking livid.

I trust no ones word in house buying! As Zhampagne said.

StormzyinaTCup · 16/08/2020 14:26

I have encountered a few sellers who say that they are prepared to move into rented / in with family in order to achieve a target completion date. They never do it

So have I - I would break the chain myself (and have done previously and rented) that way you keep some element of control over the situation.

Mimitoo · 16/08/2020 16:16

I wouldn't. If he is serious about selling, he'll accept your offer without haggling for more. And if he is serious about moving he would be doing this anyway (moving to his brothers). Just another way to get an extra 10k imo. What if him and brother have a falling out? I wouldn't say it is any extra guarantee to make it go through myself. But it's your money and your choice.

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