Property chain (3 properties)

[Bletherer34]

Never been in a chain...just wondering what the average timings are?

The owner of our new house wants a date of entry for 2.5 weeks from now.
Our buyers had an offer accepted on theirs 4 weeks ago....there is no legally binding contract yet.

Tell me 2.5 weeks is feasible 🙏🏼...btw the solicitors have been exchanging letters back and forth we have our mortgage offer.
What do you think? This is our dream home ..don’t really want to miss out.

Last time we moved we were told to plan for at least 8wks from offer acceptance to move in. It was actually longer, but that was because we chose to do it that way. The legally binding stuff was only finalised the day before we moved.

They sound like they’ve committed to something onwards and may be trying to hold you to ransom over that quick turnaround. Did it go to a close date?
Stand firm, if yours is a solid offer, mortgage in place with no loose ends your side, you won’t disappear on them, then leave it to your solicitor to work out with theirs- probably first thing they’re being told is 2.5 weeks is unrealistic. I’d be more wary they don’t have a chain free offer sitting in the sidelines if they need such a quick turnaround, worth checking if it went to a close date. Second offer might be chain free, for example, but you offered more?

Conveyancing without a chain might get you a 6 week turnaround, but with a chain it can be months not weeks (especially if any kind of probate involved or one of the house sales in the chain falls through...I speak from LOTS of experience) I know the solicitors are currently working all hours to clear all the sales that progressed in the Scottish market after lockdown, so I would also assume it to be longer at the moment with the amount they’re dealing with.

Btw, I’ve assumed your purchase to be in Scotland, your sale in Scotland? If your onwards is down south, then they can pull out on you at this stage if you’re not progressing with their timeline.

@Direwolfwrangler

Last time we moved we were told to plan for at least 8wks from offer acceptance to move in. It was actually longer, but that was because we chose to do it that way. The legally binding stuff was only finalised the day before we moved.

Thanks that's reassuring

@Bytheloch

They sound like they’ve committed to something onwards and may be trying to hold you to ransom over that quick turnaround. Did it go to a close date? Stand firm, if yours is a solid offer, mortgage in place with no loose ends your side, you won’t disappear on them, then leave it to your solicitor to work out with theirs- probably first thing they’re being told is 2.5 weeks is unrealistic. I’d be more wary they don’t have a chain free offer sitting in the sidelines if they need such a quick turnaround, worth checking if it went to a close date. Second offer might be chain free, for example, but you offered more?

Conveyancing without a chain might get you a 6 week turnaround, but with a chain it can be months not weeks (especially if any kind of probate involved or one of the house sales in the chain falls through...I speak from LOTS of experience) I know the solicitors are currently working all hours to clear all the sales that progressed in the Scottish market after lockdown, so I would also assume it to be longer at the moment with the amount they’re dealing with.

Btw, I’ve assumed your purchase to be in Scotland, your sale in Scotland? If your onwards is down south, then they can pull out on you at this stage if you’re not progressing with their timeline.

Yes we are selling and buying in Scotland. It's quite possibly the most stressful process I've ever been through.

Just to clarify our offer for our new house was accepted 7 weeks ago.
The buyers of our house had an offer on their house accepted 4 weeks ago.
The date of completion has been negotiated by the seller of our new house for 2.5 weeks.
Gosh just hoping it all works out.

Thanks to all for responding

My dd recently bought as a FTB but it took 8 weeks from offer to entry date as we had to arrange mortgage. Solicitors were very very busy as were banks etc.
The timeline you've given would mean 9 weeks from when offer was accepted to entry date so should be achievable assuming all finance is in place.

I am 9 weeks in....and getting a bit frustrated.

Surely that's 4 properties
Key is position of person at end of chain
If they need a mortgage nothing much can happen until it comes through
And the mortgage companies are really slow at present
2.5 weeks seems unlikely
It is not the time since your offer that is matters is the time from the last person in chain putting in offer and applying for mortgage

The buyer of our house has had their property sold to someone who is not in a chain ..and the owner of our new house is not in a chain. So it's 3 properties....

They've had 4 weeks so far to sort out their mortgage.

still hoping all loose ends are tied up for 2.5 weeks🤞

4 weeks is nothing at the moment for a mortgage
6/8 weeks is more likely
Nationwide and HSBC very slow at present
Why are your sellers looking for settlement in 2.5 weeks if they are not buying somewhere else?
Anyway it's out of your hands ,they won't get anyone else to buy it n 2.5 weeks

Just to reassure, going on previous experience, they won’t pull out on you in 2.5weeks, because they really couldn’t find anyone to replace you who is this far down the process- even a chain free buyer would start again with the process.
Your solicitor will inform their solicitor at the right stage when they know you’re not going to hit the 2.5 week target. They will sort out new date between them with vendor and your input.
As pp said, it’s not when the offer went in from you, that’s always just a tentative date suggested by an agent/solicitor, the reality is it’s when the last person in the chain agreed on their onward purchase (and therefore agree on money transfer dates)
If no properties to sell at bottom and top of chain it should be relatively straightforward timewise, but probably depends where you are buying and how busy local lawyers are.
No reason why the chain should break by the sound of it, good luck and stay positive as it can be so stressful towards the end! A sign of a good lawyer is one who can gently push the process over the line without losing their cool at you pestering them for updates

@Bytheloch

Just to reassure, going on previous experience, they won’t pull out on you in 2.5weeks, because they really couldn’t find anyone to replace you who is this far down the process- even a chain free buyer would start again with the process. Your solicitor will inform their solicitor at the right stage when they know you’re not going to hit the 2.5 week target. They will sort out new date between them with vendor and your input. As pp said, it’s not when the offer went in from you, that’s always just a tentative date suggested by an agent/solicitor, the reality is it’s when the last person in the chain agreed on their onward purchase (and therefore agree on money transfer dates) If no properties to sell at bottom and top of chain it should be relatively straightforward timewise, but probably depends where you are buying and how busy local lawyers are. No reason why the chain should break by the sound of it, good luck and stay positive as it can be so stressful towards the end! A sign of a good lawyer is one who can gently push the process over the line without losing their cool at you pestering them for updates

Thank you

Agree 4 weeks at the moment is not long to arrange a mortgage. Dd had a good broker who was really helpful but he did say things were completely manic and taking longer than usual.

@Bytheloch

Just to reassure, going on previous experience, they won’t pull out on you in 2.5weeks, because they really couldn’t find anyone to replace you who is this far down the process- even a chain free buyer would start again with the process. Your solicitor will inform their solicitor at the right stage when they know you’re not going to hit the 2.5 week target. They will sort out new date between them with vendor and your input. As pp said, it’s not when the offer went in from you, that’s always just a tentative date suggested by an agent/solicitor, the reality is it’s when the last person in the chain agreed on their onward purchase (and therefore agree on money transfer dates) If no properties to sell at bottom and top of chain it should be relatively straightforward timewise, but probably depends where you are buying and how busy local lawyers are. No reason why the chain should break by the sound of it, good luck and stay positive as it can be so stressful towards the end! A sign of a good lawyer is one who can gently push the process over the line without losing their cool at you pestering them for updates

Thanks

If person at bottom of chain is a FTB and using the government's First Home Funding then that will mean a delay