When a chain breaks?

[LopsidedWombat]

Hi all,

FTB currently renting and had an offer accepted on a property in May. There is a problem within the chain but do not yet know details beyond it being the cause of everything coming to a standstill (due to find out more this week, EA was deliberately vague I believe).

I suppose the worst case scenario is that the chain is broken. I wondered if anyone can tell me their experiences of opting to wait in this scenario? Did it work out in the end? Do many people do that? We love the place so much and are trying to prepare for the worst and hope for the best.

Thanks!

Yes people do wait, especially if they are in the middle (so are selling and buying).
How long depends on what’s going on. If it’s a matter of missing documents but can be sorted, no problem. If someone has lost their purchase or buyers- that’s quite serious and could make the wait months.
We were is a chain of four or five and the top uncovered an access issue that was going to cost a bit of money to resolve. My husband suggested that we all stump up an equal amount to keep the chain intact. Everyone did problem solved.
Once you find out details make your decision, though the agent being vague could mean either they don’t actually know or it’s serious (though can’t you also ask your solicitor)? I’d also start checking in with rightmove too.

Yes, people can and do wait - our chain of four broke at the top in May. Tbh we didn't want to wait, but absolutely nothing else suitable has come to market, so haven't had much option! Our buyers, who are FTBs, have also stuck with us, I suspect for much the same reasons.

In our case the chain repaired itself a few weeks ago when the person at the top had an offer accepted on a chain free property. Now waiting for that all to go through the legals and fingers crossed we'll be moving in a month or two.

In your shoes I would contact the agent, solicitors and even the vendor if possible to try and find out more. I would also (and have) start looking again - you never know what might come up and it gives you something else to focus on. Good luck.

Thanks for the replies. Due to the various disappointments since starting this endeavour (been trying to move since end of 2019!) I never actually turned off rightmove alerts and there is so little about so we would definitely want to wait if its something serious enough to mean the chain collapses. Just wondered if it is common as would have this unease that opting to wait might mean we end up with nothing in the end anyway if our seller got fed up and changed their minds due to lack of alternative options.

All this is speculative of course until we find out more but hard to not think the worst!

Be prepared for the chain to collapse. It may not and everyone in it may wait it out, but you never know. Keep looking on Rightmove and viewing other properties in the meantime. Keep asking your estate agent- they more than likely will know the issue but they want to keep the chain intact as they work for the seller, so they will be telling you the least as possible