End of chain meaning?

[LightsHouse]

Hiya

I’m relocating to somewhere 2 hours away from where I live right now.

I offered on a property and they said they will accept if I offer 5k more. I’ve also been accepted on another property and I really need to make the choice between the two. I like both equally and both have pros and cons and at same price too.

The deal breaker for me would be the chain. I need to move as quick as possible (personal reasons + school admissions).

Property A vendors (house built in 2015 and on the smaller side but ready to move in) don’t have a chain as they are moving into a new build.

Property B vendors (house built in 1950’s and more sq ft but needs a lot of modernisation) are moving to a bungalow and THEIR vendors are end of chain?? What does this even mean?
The EA is saying we can complete by June even though it might be “tight”.
Can I even trust this?

Please help I’ve never bought a property before.

For my position (in a mad rush to complete asap), should I go for Property A or Property B?

Is the new build ready?

Property B is you buying from X and X buying from Y. Y is the end of the chain as they don't need to buy now for whatever reason.

New builds are often late in being built
I'd go for B.

The chain is the people the sale relies on to happen. So you would be the buyer at the bottom of the chain, presumably needing a mortgage which will take a few months to come through alongside other paperwork and checks by sols, then you have your vendor (person selling to you) who is buying from the building company.

You need to see if the property they are buying is built or has a completion date at least. If it's off plan and nothing started, go with the other option. A chain of 3 is short.

Once you have exchanged you can breathe a sigh of relief as that is when the completion date (moving date)is set in stone. Not before then can you be 100% sure, so don't book anything until you have exchanged and have the completion date.

Completion by June is tight - June is a five weeks away. It can be done- auction properties (searches etc already done in the buyers pack) can be completed in less, but it relies on everything being straightforward and delays in searches or surveys or things being queries by buyers and solicitors. But it is a very tight schedule. It’s much more common for sales to complete 8 - 12 weeks.

A house chain question has been answered by pp.

Would the new build potential owner be prepared to move into rented/friends or other family house to enable you to move in should you be able to complete quicker than their new build is available?

Both of your possible houses could have delays for lots of reasons. Go with the one you want if the new build buyer is prepared to move out even if their onward purchase hasn’t been finished. A house you love is worth it - you could be living there a long time.

P.S - don't listen to what the EA says about exchange and completion, only your solicitor can truly know. Most EA's have no idea and just say what they want people to hear, annoyingly as they actually can speak to the whole chain (which if they knew what they are doing can actually really help but is rarely used other than to annoy and wind people up about timescales which helps no one).

I’d say it’s pretty unrealistic either way, and you should work on a plan b for if it hasn’t gone through.

Rented? Air BnB?

I would be suspicious as to whether the new build is actually ready!

I wouldn’t let end of chain decide it for me. It’s very common for people to say ‘chain free’ and then not be, I see it on here all the time. E.g.: end of chain say they will move into a rental, then find a house they like to buy at the last minute, then there is an even longer chain. Or people are moving in with family then can’t bring themselves to do it at the final hour. Or the agent hasn’t vetted them being chain free.

Refurb costs are VERY expensive these days. Did you get a really good deal?

New builds do get delayed but I would trust them with timelines more than an alleged end of chain two steps above you. Have you been along to the site to check the physical progress of the actual house in person, rather than just a generic show house on a site, and what they are telling you on the phone?