Nightmare before Exchange Help!

[NicLondon1]

We were supposed to Exchange on a Fri 1st Sept. Everything had gone smoothly, 3 months of plain sailing and motivated buyers, so we were told. 4 in the chain.
Apparently there was a slight delay to the bottom of the chain signing the paperwork, I was told early next week it will happen.
Mon 4th Sept - not today but definitely tomorrow. We had to decide about schools, I didn’t want my daughter to start back then move the following week, I asked the estate agent “I need to know 100% that this chain cannot fall through, as she will start her new school tomorrow.” Absolutely, all fine, he said.
Bullshit.
She has started the new school. Lives with Grandparents. 1.5 hours away, and we still have not exchanged!! Absolute nightmare.

Our buyer’s buyers have asked for £25k off and they are still negotiating on price!!!
what can we do?! We feel so utterly stupid but we would never have done this knowing there was any hint of an issue whatsoever.
Now she has lost her old school
place and we are stuck in limbo, feeling so powerless.
Is there anything we can do..?!

It sounds like your Buyers Buyers have asked for a 25k reduction at the last minute, just before Exchange? They may be bluffing but not necessarily.

I don't know that there is anything you can do while they thrash it out, apart from possibly be prepared for your Buyer to ask if you can give them a reduction if they are forced to give their Buyers a reduction.

If everyone in the Chain needs to move, it may be that the 25k can be split to share the pain. At some point it may be suggested that you offer a reduction to your Buyer (not the whole 25k but maybe something like 5k or 10k) so maybe have a think about how you would respond if you are asked to do that and if there is any way you could raise some extra cash to help keep the chain together if necessary.

Thanks @Twiglets1 Yes I guess that looks like the way it is going… How do reductions work, are they normally shared by all parties in the chain..?

Each person in the chain can only really communicate with the person below or above them. So the FTB has asked for a 25k reduction from the 2nd people in the chain .

They may have just refused so the whole chain is waiting to see whether the FTB was calling their bluff or not. But if they have agreed to a reduction of 15k say, then they may try asking you for a contribution. If you agree to a contribution, you could try asking for the people above you for a contribution.

I would phone the EA today to ask them what exactly is going on. A good EA will work hard to keep the chain together.