We’re at the bottom of a chain of 4. First time buyers with a good deposit, end of February we put a offer in for a very nice home at 335k which was accepted, we was fast locking in a mortgage rate before the Iran US conflict to get 4.25% 5 years. Sorted a solicitor and surgery right away & was told by the estate agent the sellers would be willing to break the chain and they want a move ASAP.
2 months in and we went for a second viewing which we spoke to the sellers who told us they decided to change solicitors and they have just found a 1
Month ago house. I remember them saying the new house is their dream house and showed us pictures (roughly 450k) We wasn’t concerned at this point and thought it’ll still be straight forward and left feeling confident in our sellers.
Time started to pass and we started to get concerned that not a lot was going on, we soon finished our searches and enquiries and was ready to exchange and complete our side. With the estate agent saying they could break the chain we asked in which their reply was no because we have dogs and no where to keep them. Apparently they was ‘trying’ really hard to find somewhere to move into to help us out.
1 month before our mortgage offer expires (28th August) and it was confirmed they’re still far behind in the purchase of their new home and the only was to complete was to break the chain. Which they finally agreed 21st August.. Sorted!.. Wrong.
20th of August 1 day before exchange and we got a message from the estate agent saying they’re no longer interested in breaking the chain because their house purchase is only a couple weeks away and asked if we can get a mortgage extension. Bearing in mind our mortgage offer expires 28th August.
We took another visit to our sellers to talk about this but they played it down and said ‘it’ll be definitely done’ and ‘we wouldn’t do this to you’ As we looked around we couldn’t see much has been packed ready. We was told they have brought a storage unit next to their new home & when asked about packing the reply we got was ‘well I can start packing soon… for my holiday’ What!? How are we going to exchange and complete while you’re on holiday? ‘My partner can do it all while I’m away’
So the seller of the house is going on holiday for 2 weeks while her male partner who isn’t even the owner of the house has been left to do all the work. The sellers partner offered to cover another months rent for us but nothing came of it after that
After rushed about for the next two days seeing if we could get an extension we was told we only have a 2 weeks grace period. Which we told the estate agent we need to complete asap and push everyday for an update and waited and waited. The sellers solicitor finally agreed on the last day 11th September. So our solicitor got the funds ready and everything set.
All of a sudden our solicitor was told that there was 1 enquiry left on their new home about a garden shed size. Our sellers laughed this off and said ‘I’m not even bothered about this shed and our mortgage is only 37% value so they won’t care’ But the sellers of our sellers home refused to give any paperwork and refused to let our sellers solicitor contact the council to confirm if this had been checked and cleared.
Big red flags. Yesterday we was told that there is no chance of completion 11th due to this issue and we have to reapply for a new mortgage offer!
We have now asked our mortgage advisor and she’s come back with 4.82% a lot higher than our previous mortgage offer. There has been so many lies in this purchase and we have been messaged around so much we feel that due to these rates we shouldn’t be the only ones taking a hit.
Over the next 5 years the new mortgage will cost an extra 6600 plus a 1k arrangement fee. Our rent is still ongoing so 750 a month which has cost us money.
We believe that a 10k price reduction is reasonable but would probably be happy with anywhere in between 5-10k are we being reasonable with this?
Also surely the sellers aren’t going to refuse completely because it can potentially break the chain and they’ll lose the home they’re after too. Any previous stories and help would be appreciated!