Chain issues

[Nw22]

Hi everyone
just looking for some advice on what to do.

we accepted an offer on house in mid November and had an offer accepted on our onward purchase in the first week of December. At the time there were 2 houses for sale on the same street and we only picked this one as we were told the top of chain was moving in with family. Otherwise we would have made an offer on the other house.
we are now ready to exchange/complete and our buyer is getting quite impatient. The estate agent for the house we are buying is now saying the top of the chain is refusing to move in with family, as promised, and is now buying a property that should be ready to complete in mid May.
We are really unhappy with this as the chain was the main reason we picked this house over another, and due to work reasons it’s spam or impossible for us to move in late May.
Our buyers are not keen on waiting until end of May and we are now thinking we should pull out.
what would you do?
thanks

Won't you definitely lose your buyers if you pull out as they will have to wait later than mid/late May if you have to start the buying process all over again on another house?

We will probably lose them anyway if we have to wait until end of May/start of June.
it feels like we are now buying a house that wasn’t our first choice without the benefit of the short chain

I just think you need to be honest with yourself. It's ok to pull out of this house purchase because you never loved it and now they have done something that annoys you and tbh gives you a good excuse to pull out. But the reason you are giving doesn't make a lot of sense as your buyers are more likely to pull out if you start the house hunting process from scratch. If you can accept that then you are probably doing the right thing pulling out as you obviously do not love this house.

You keep changing the date from mid May to end of May now start of June.

The top of the chain are saying they are aiming for mid May but we cannot move in the second half of May so it would be after the May bank holiday/start of June.
we don’t love the house, we are moving due to the location so loving the house has never been part of the decision.

Would you consider selling yours and then moving into a rental until you find a house that you really want. You don’t loose your sale this way and gain some breathing space

If you pull out you will have to start the whole process again on buying a new house which will take at least 8 weeks from finding one

But if you don’t love it, don’t buy it

Cab you sell yours and move into rental for a while?

As others have said, renting would be a good idea. Initially it may seem like a lot of upheaval to do, but it puts you in a very strong position with purchasing going forward.

Maybe the delay is making you realise the house is not the right one for you.

If you are prepared to lose it, but also prepared to buy it if the situation changed you could take the line of saying to the EA, unless the vendors agree to an exchange by X date you will pull out. You have to go through with it though if they do not. You never know the vendors may decide they do not want to risk losing you as their buyers and they go into rented.

It is easy for the top of the chain to say tough everyone waits until May, but that only works if you remain as the buyers so you do have a strong position to bargain with.

I would pull out if I decided I didn't really love the house. Moving is so expensive it's best to get it right. How will you feel if you go ahead and one of the more suitable houses that you would prefer becomes available.

Thanks everyone. We will think about it over night but I think we might do as @schloss suggested.