Property Chain Is About To Break

Breaking Chain
As I’m slowly progressing through my first ever property purchase, I’m starting to understand why moving home is ranked highly as one of the most stressful moments in someone’s life. I say “starting to understand” because I’m at the bottom of the chain as a first-time buyer looking to become a landlord, so i’m not even feeling the complete wrath of the property chain, yet I’m still feeling a squeeze. I dread to think how it feels to be caught in the middle.

Failing to move home because one buyer in a property chain drops out seems like a painful and expensive experience. I’m sure one day I’ll be there, and i’m sure when I am, I’ll be a very miserable and unpleasant soul to be around.

While I can appreciate i’m fortunate to be at the bottom, the situation doesn’t change, I’m still anxious and slightly unnerved by the delays I’m currently experiencing.

I’m going to be completely blunt here, because I have nothing to lose. I blame the delay on my Conveyance Solicitors, Joslin Rhodes. I can put my hand on my heart and say they are truly a royal bucket of shit. I can’t believe those so-called parasites are lawyers.

Joslin Rhodes are taking so damn long to process just about everything, consequently the vendors are threatening to pull the plug on the deal. I can’t say I don’t blame them. The vendors are in a chain and their vendors are threatening to pull the plug because they’re also tired of waiting around, consequently the whole chain could hopelessly collapse.

Why the delays are occurring…

I’m not sure what the hell is going on at Joslin Rhodes, but I seem to be getting fobbed off. There’s a delay somewhere from my end, but no one is able to tell me anything. As I explained a few days ago, my solicitors are struggling to get the Drainage And Water Report– which is what I suspect is causing the problem. In theory, it should be such a simple process.

Everyone else is ready to exchange contracts. My vendor is ready, their vendor is ready. In the mean time, my vendor’s Estate Agent is calling me every day, asking me what the delay is. Even he can’t get through to Joslin Rhodes, and he’s been trying just as much as I have been.

Here’s a list of reasons why Joslin Rhodes is testing my patience:

  • As already mentioned, no one is communicating with me. No one is trying to contact me, and no one is returning my calls. I have wasted a lot of time waiting around for promised phone calls It’s beyond irritating.
  • Every time I call, I can’t get further than the receptionist, and she’s always happy to regurgitate the same old tired excuses to why I can’t speak to my solicitor.
  • Seeing as I can’t get through to my solicitor, I’m continually asking the receptionist why there is a distinct delay from my end. Her response is always the same, “We’re not to blame for the delay, we rely on external organisations to get us the relevant information we need in order for us to progress” For the record, I don’t blame her, she’s probably just doing her mundane job. She’s probably as bored of this as I am. Regardless, while the source of delays may legitimately root from third party associates, it still doesn’t excuse their complete lack of customer care. At least tell me WHEN, WHERE, and WHY the delay is, so I have something to report back. Moreover, I’m paying Joslin Rhodes, so any delays from third party associates they deal will is no concern of mine.
  • When I eventually got through to my solicitor, I made it clear how the delay could potentially jeopardise the the entire chain. It was obvious I was concerned. His response was a messy collaboration of useless excuses which ultimately directed blame onto the 3rd party organisations involved. To top it off, he was extremely rude. There was no sign of compassion, customer care or concern. He was clearly still getting paid.

Basically, it’s a waiting game for me; a lot more arse-scratching and thumb twiddling. Maybe I’ll twiddle my thumbs up my arse, just to mix it up a bit.

Property Chain Tips

I’m caught in a property chain, what do I do?

  • If you have exchanged contracts but your buyer is delaying or dithering, you can serve a “notice to complete” This sets a deadline for the other side to complete within ten days or face the loss of their deposit.
  • If you’re in the middle of a chain, depending on your circumstances, consider breaking the chain by moving into temporary or rental accommodation. The fewer parties there are in a chain, the less likely it is that things will go wrong.
  • Some companies specialise in repairing broken property chains by co-ordinating reductions in price. However, for various reasons, this can prove an even more expensive way of keeping a chain moving.

How to avoid getting caught in a property chain

  • Try to keep the time between exchange and completion at 2 weeks, maximum. The longer the process takes, the more likely it is that someone in the chain will pull out.
  • Before making any offers on a property, start by finding out the status of the people you are dealing with Remember, the longer and more complicated the chain, the greater the chance for disaster.
  • Be prepared from the start. Make sure all your finances, insurance policies and legal team are in place.

2 Comments- Join The Conversation...

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Ricky 20th May, 2014 @ 19:52

We're in EXACTLY the same situation.

This made me laugh though which was needed.

"Basically, it’s a waiting game for me; a lot more arse-scratching and thumb twiddling. Maybe I’ll twiddle my thumbs up my arse, just to mix it up a bit.".

1
Guest Avatar
robert 1st August, 2014 @ 11:53

What if a buyer of our property lied to us for 4 months? She stated she is going to pay by cash and suddently when we are finally ready to exchange our contracts she changed her mind and said that she is going to apply for mortgage! Passed 4 months and nothing has been done. We are at risk to loose our house! Shall we go further with court? It is ridiculous. Because of somebody's lies we maybe lost a lot of money! This is not fair!

2

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