Everything seems to be going swimmingly; your purchasers are happy to wait for you to find your next home. And then… someone moves the goal posts.
It could be that a new baby is expected, or a job offer has forced a vendor or purchaser to re-evaluate their timescales. Or it could just be that they have itchy feet and don’t want to wait any longer.
It is a dilemma. You want to keep your buyers, so what should you do? The options are to either stand your ground and hope your purchasers don’t call your bluff, or consider breaking the chain and vacating.
There are pros and cons with breaking the chain:
If you go into private rented you will incur costs, and no doubt be tied in to a 6 month contract, not to mention the hassle of having to move twice. The market could fluctuate, and it may not necessarily be in your favour.
That said, it will put you in a much stronger bargaining position when it comes to offering on another property, and you may well get a better deal in terms of price. Chain free purchasers are much more likely to be successful in securing a popular property than someone in a chain, as the risk to the seller (and you as a purchaser) is much less. Although you will have to move twice, both big days should be less stressful, as you then have the option to overlap dates with your rental property to give you time to move at your leisure. As before, the market could fluctuate, but it could equally be to your advantage.
If you already have another property in mind and your chain below won’t wait for you to catch up, it may be worth considering seeing if you can stay with family or friends for a few weeks, but it may be prudent to have your survey done on your future home to check all is well before you commit to exchanging on your current home. Even if the survey is fine, bear in mind that the new purchase can still run the risk of not getting as far as completion, and you may end up staying with family for longer than any of you bargained for!
Lots to think about, and it really depends on individual circumstances. Weigh it all up, and go with what is ultimately the best option for you.
If you have any questions about breaking the chain please don’t hesitate to contact us on 01603 432000