Buying in a chain - the lowdown

Beezasp

I've been on the market for ages now trying to buy a property and get away from renting with little success - I wont go into the details as it would be a fairly big write up at this point - but to make a long story short ive avoided buying places that are in a chain.


I've read about them and they just sound like nothing but bad news - maybe unjustly so as there are obviously people out there who do buy property in a chain.


Has anyone had the experience and lived to tell the tale (i mean actually buy their home). I've asked estate agents about things like the time they can take to complete on average and how often they would fall through but never gotten much of an answer.


Im a single buyer with a limited loan and savings and really need to broaden the horizon and might have to take the leap at going on a chain - so are they to be avoided like the plague or worth taking the plunge on?

Brego888

I would imagine the majority of property purchases involve someone in a chain of some sort and if everyone avoided it there would be very few properties being bought.

As the first time buyer you have little to lose by engaging in it. Sure it can take longer and some sales will fall through but that's the same for all property transactions.
The people actually selling and trying to buy at the same time are the ones coming under most stress.

I bought my first home off someone in a chain. Took about 3 months after going sale agreed but I was in no rush.

Beezasp

Thanks for the reply and for the positive spin you put on this



3 months for a sale in a chain sounds incredibly short - a normal sale could take 3 months with no sale, sounds like you did very well there


My current understanding is it could well be significantly more, i know someone who waited over a year for their property but i think it involved sorting legal issues over a part of the land too


And from the legal side of things - if i buy in a chain and sign contracts im bound to buy and the seller can take as long as they like because they will have my money and a contract that binds me to the sale unless their own sale falls through or something to that affect - im guessing there must be some limits around this but I have no idea, might be an idea to ask my solicitor how a chain would go should the seller delay or if things stagnate

Horusire

Beezasp wrote: »

Thanks for the reply and for the positive spin you put on this



3 months for a sale in a chain sounds incredibly short - a normal sale could take 3 months with no sale, sounds like you did very well there


My current understanding is it could well be significantly more, i know someone who waited over a year for their property but i think it involved sorting legal issues over a part of the land too


And from the legal side of things - if i buy in a chain and sign contracts im bound to buy and the seller can take as long as they like because they will have my money and a contract that binds me to the sale unless their own sale falls through or something to that affect - im guessing there must be some limits around this but I have no idea, might be an idea to ask my solicitor how a chain would go should the seller delay or if things stagnate

When I bought my solicitor put a 6 month limit on the contract. So If the sale couldn't be completed I would get my money back. They swore on all that is good they'd be out in 3 months. It took 5 months.

As an aside the other side put a clause in that if they couldn't complete the sale they could pull out. ie if their sale fell through they could break. This ended up being a major problem for them as seemingly it works both ways so after 5 months i asked them to complete sale reminded them that I'd they couldn't I could break contract due to their clause.

Well I done none of this my solicitor did. With much prodding from me. The day before we got keys my solicitor got a bit annoyed with me and said "what would you like me to do ring them ever half an hour?" To which I replied yes

ChewBerecca

We were first time buyers, put an offer on a house that was being rented (someone's second home) in May that was accepted, it was October before we got keys because the seller kept dodging questions.

There was no chain in our house, but it took an age. Nowadays a lot of people end up in a chain and it isn't a huge issue. If its the house that ticks most of your boxes, its worth a bit of a wait.

Beezasp

Horusire wrote: »

When I bought my solicitor put a 6 month limit on the contract. So If the sale couldn't be completed I would get my money back. They swore on all that is good they'd be out in 3 months. It took 5 months.

As an aside the other side put a clause in that if they couldn't complete the sale they could pull out. ie if their sale fell through they could break. This ended up being a major problem for them as seemingly it works both ways so after 5 months i asked them to complete sale reminded them that I'd they couldn't I could break contract due to their clause.

Well I done none of this my solicitor did. With much prodding from me. The day before we got keys my solicitor got a bit annoyed with me and said "what would you like me to do ring them ever half an hour?" To which I replied yes

I checked in with my solicitor and he confirmed pretty much what you just said

There will be a time limit that is agreed by both sides and bascially if things are not worked out by then you are free to get back deposits etc and walk away but you still have to bear the costs of surveys, valuation, solicitor etc

He has also confirmed that the chains generally do work out ��