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Selling flat - Any advice about this offer and chain?

3 replies

Soulshine26 · 30/05/2024 08:10

We're currently selling our flat, no forward chain our end

Had a good offer through our estate agent from 2 people who are selling 2 houses and would use some of the funds to buy our flat as joint owners ( and one live there) - and at the same time they're buying a new property for the second buyer -
they need to sell both their houses to be able to buy our flat

They've both found chain- free buyers although one sale hasn't progressed beyond that so far

Has anyone got experience of a chain like this or similar - a split chain - and got any advice?
Also, would they have to use one solicitor? Or could/would our solicitor be having to deal with 2, doubling up on the work?

Is there anything else we need to know or consider before deciding?

It's a good offer, and the only one so far, so we're seriously considering it -
But also wondering if a chain like this could be overly risky?
And would conveyancing get complicated or take a lot longer? - which we want to avoid

Thank you

OP posts:
Twiglets1 · 30/05/2024 08:18

I would be wary about this offer. Needing to sell 2 properties in order to be able to afford your flat means twice the likelihood of something going wrong from their end if either of their buyers pulls out.

How long has yours been on the market? If it only recently went on the market I would feel inclined to keep going with viewings in the hope of a more straightforward buyer.

DrySherry · 30/05/2024 08:36

I agree with Twiglets1, that's a sketchy situation the potential buyer is in.
Have you thought about a provisional acceptance ? You tell them you would be prepared to accept in principle but not until they are further ahead with the sales. For example you will keep marketing until both their buyers have had surveys and approved funds ?

Soulshine26 · 30/05/2024 09:29

Thank you both for your replies

Our estate agent a checked with theirs
and told us the one that's progressed a bit- first time buyers with a mortgage offer, not yet had their own survey
the other one which hasn't progressed, a cash buyer who doesn't need mortgage or to sell

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