Buyer’s buyer withdrew. Financial options?

[HouseHouseHouse7]

Evening! I’d like some opinions.

We’re a 4-link chain. A FTB, my buyer, me, my vendor (probate).

The FTB pulled out 4 days ago. My buyer went back on the market but the market is slow currently and I’m worried she won’t get a quick offer.

My vendor is selling me his late mum’s bungalow which is my dream home - I viewed several but this was the standout. I was lucky to get it. It’s a good price on a quiet street in a popular seaside area. It’s a downsize - I need the cash. I’ve no mortgage currently.

My vendor expressed sympathy and has agreed to give me 2-3 weeks’ grace for my buyer to find a buyer.

If my buyer takes ages to find a buyer, I’m thinking of ways to still get the bungalow. I can’t rent out my current house because I really need the cash for other reasons. Would you take out a mortgage under these circumstances? A bridging loan? Talk to a broker? Or would you sit tight and accept that the chain will probably collapse :-(

Do you have enough in savings/deposit and earn enough to get a mortgage on the house you want to buy? You would have to pay a higher level of stamp duty because you would
own two properties for a bit, but you get that refunded if you sell within a period (I think 18 months)

If the house you are buying is such a good price can you reduce your house to your buyer on the condition that they pass on this recuction so that they can that can help,get a quick sale?
can you remarket your house at a good price?

Thanks both.

I have a deposit (savings) for a mortgage.

The stamp duty isn’t applicable here. It’s Welsh Land Tax at second home rate and the reclaim deadline is three years. Similar principle - thanks for bringing it up.

I will tell the agent that I can take a hit on my price if my buyer needs it in order to reduce their price. Good suggestion.

Remarketing mine will be hard. It’s a £650k house which is locally expensive, even in sought-after Pembrokeshire where I am.

Im worried about the whole thing collapsing after I’ve moved, and then having two properties to maintain, with the hassle of the original one being back on the market. It’ll be tough emotionally and financially.

When I was in this situation I decided to re-market as well, meaning both my buyers property and my property went back on the market. As it so happens a FTB came in for my property which took a link out of the chain. I did feel bad about letting my original buyer down but it had to be done in order to keep the rest of the chain together.

Yes @ZanyMaker that makes sense but the problem is that I don’t think I’d get many viewings currently, let alone offers, and I’d have lost my buyer.