Chain has collapsed AGAIN

[ImInChains]

Following a horrid experience in 2023 where we lost the house we were buying, we found and offered on a lovely property in Feb 2024.

Today we found out that for the fourth time the chain below us has collapsed. We were due to exchange and move next week.

We have spent thousands on trying to move house and I’m just so tired. I’m gutted for our lovely buyers too. They want us to wait while they find a new buyer but our vendors have said unless we relist ours they will relist theirs.

First time our buyer pulled out as she got cold feet about relocating to this area from London. Our vendors relisted but we found a new buyer before they did, but they had a lot of interest.

Second time our new buyers lost their buyer. but our buyers found a new buyer within three days before us or our vendor even had a viewing.

Third time our buyers lost their buyer again. Our vendors waited this time.

This, fourth time, our new buyers, buyer pulled out.

Each time we were close to exchange.

I can’t face having to get ready for viewings when we are half packed and have to go through all this again.

I’m so sorry. That’s gut wrenching. I hope it works out for you. If not, maybe the hassle of short term renting would be worth it?

We’re in a similar position. Spent thousands and nothing to show for it as 2 days before exchange our chain collapsed too.

The system is dreadful, on top of horrific stamp duty we go through the worry of chains collapsing and spending money on legal and surveys with no guaranteed outcome.

I'm so sorry. Yet another example of how the English system is not for for purpose.

Could you investigate if you could get a bridging loan to continue with your purchase?

Also, it's a little devious which could be a red flag to your vendor if they found out, but you could relist your property as they've requested, but not accept a new offer just yet whilst your buyers scrabble to get themselves a new buyer? (Obvs keep your buyer in the loop that your objective is to exchange with with them, but so as not to lose your purchase you are having to relist)

If I ever win the lottery (which I won’t because I don’t buy tickets) and buy a house, I will never try to sell it

I was going to say this. The vendor doesn't need to know you're turning down offers 😂

We’d definitely go into rented but it’s difficult as we have young children and pets. Through every collapse over the last almost 12 months our onward purchase hasn’t changed and is currently empty. It has been reslisted but we’ve managed to get our offer reinstated each time.

We will relist but make it clear if our existing buyers become proceedable again before any new buyers we found had spent money on the process we’d happily sell to them still.

Could you drop a fair bit and simply tell the agent you aren't interested in selling to anyone who isn't a first time buyer with mortgage in place/ a cash buyer with place to sell or someone renting ??

We can’t afford to drop really as we won’t be able buy our onward purchase. Also our first buyer was a cash buyer, and the second time our buyers had first time buyers so it doesn’t seem to have helped us!

@ImInChains I feel for you -