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Under pressure from chain

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  • Under pressure from chain

    Just hoping for some advice I am selling my home and am now under pressure from the person at the bottom of the chain saying if I don't exchange contracts by a certain date in the near future their mortgage offer will run out. They have apparently already extended the mortgage offer and now are saying I need to exchange contracts by this date otherwise the chain my fall apart.

    I understand their pressure but surely they can get another mortgage or extend again after all otherwise they will have to start for scratch anyway so I find it hard to believe that they won't go ahead with their purchase when everything is so close to be finalised?

    I am also buying a property and they are prepared to move out as and when necessary so my decision effectively is the end of the chain, but I am waiting for searches and valuation survey.

    What are my options can I agree on exchange of contracts on the date they require and then delay exchange by about a month if necessary?

  • #2
    Re: Under pressure from chain

    Mortgage offers are usually valid for 6 months. If it's not that long ago since you agreed the sale, they might be bluffing to try to get you out quicker. If on the other hand you've kept them waiting for 6 months, they might be losing patience with the purchase. If this is the case and you don't want to risk losing the sale, you might need to consider moving out in line with their demands.

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    • #3
      Re: Under pressure from chain

      When I was in the business, up to a couple of years back, we would usually extend a mortgage offer unless the company had pulled the product in a time of rising interest rates. It sounds like a bluff, but if they have been waiting a long time and you have not yet had a satisfactory valuation/survey on your purchase - they might have cause to get windy...

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      • #4
        Re: Under pressure from chain

        If you don't mind losing a buyer for your home in a static market take your time!
        If I were your buyer, I would expect you to get a move on.
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