Im property chain and im having problems

MrKeeno

MrKeeno

MrKeeno

Associate
Joined
13 Mar 2004
Posts
1,929
Location
Derry
Hi all

Im in the process of buying and selling, the chain consists of 3 people with myself being in the middle.

At the time of viewing the property I plan to purchase, I was told that they wanted to complete at the end of June which suited me fine. I in turn told the people buying my house that we planned to complete in June.

The problem we now face is that our seller is delaying the process untill the end of July due to their new build being delayed. This is a big problem as our buyer is putting the pressure on and we may lose the sale if we do not complete on time. How do I approach the subject of our seller possibly renting untill his house is complete and let the sales all go ahead? He has given me his mobile number and we have been in touch a few times so its friendly enough so far but im not sure it would stay that way if I suggested he would have to move out. I have thought about offering him use of the garage to store his belongings for as long as he needs.

My main worry is that my buyer may pull out if things are delayed, and that the whole deal may fall through. Everyone around me is telling me to let the solicitors deal with this but since I have already built up a relationship with the seller im kean to try and sort it out ourselves first.

Ant advice would be greatly appreciated, im starting to loose sleep. :(
 
i dont think the situation is that bad (i've been in far worse and i know it drives you nuts) . Has your seller exchanged on his new build, they normally do quite early, if so then thats good.

Your buyer will hang in if there's light at the end of the tunnel, if he doesnt he has to go through the whole find house/survey thing again plus searches etc.

Just keep reassuring your buyer and be economical with the truth it'll all be ok in the end.

I had one that went on for months and nearly did for me, in the end it turned out to be one of the best things i've ever done, took me a while to recover from the stress though......... true story
 
The reason I dont want to consider renting is that im in the middle of the chain, if something did go wrong and I had already signed on the sale of my house i would be screwed, no house to move onto and no way of getting back into my own.

Im going to ring the estate agents tomorrow and see what advise they offer.

Thanks for the replies, i'll keep you posted on the progress.
 
I live in Derry, N.Ireland

Just thought I would let you all know that we eventually agreed a completion date for the middle of July (14th). Its later than what I had hoped for but a compromise had to be reached and the guy at the top of the chain just wasnt willing to rent.

Thanks for all your replies.
 
I think a property chain inherantly has problems... :)
Seems a few of us are in a similar boat!
We are just gonna have to wait and see how it goes at the moment
 
thats the problem in NI as builders traditionally shut down for the 12th fortnight - we had to push to get our new build sorted the week before they all went off on holidays
 
Glad to hear you've got it sorted - a month's delay is nothing - if your buyer had already paid for a survey then they're unlikely to actually pull out just for the sake of waiting a month, they were just trying to put the wind up you.

Based on past experience I'd recommend not speaking to either your buyer/seller directly - let your estate agents handle all communication - they will be as keen as you are not to let the sale fall through and after all, that's what you're paying them for!

Hope the move goes smoothly! :)
 
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