A broken chain may mean broken dreams… but not always!
A family had outgrown their home and wanted to move to a larger property in the same city. A “cash” buyer was found for their existing property and the purchase of the larger house was negotiated on the basis that the transactions were to exchange and compete in two months.
We commenced legal work on behalf of the family with due speed but it became obvious that the buyer was not in truth “cash” and required a mortgage. Six weeks passed and not only did the supposed cash buyer not make any attempt to instruct their lawyer to commence the legal process but neither did they apply for mortgage.
After extensive enquiries of this buyer’s solicitors and mortgage advisors we suggested that they be given an ultimatum to apply for the mortgage and the mortgage valuer attend to carry out the mortgage valuation. The ultimatum was not complied with (even though their removal van tried to deliver their furniture to the property) and our client was left with no buyer and a broken chain, frustrating other buyers and purchasers. By working with the estate agents and other solicitors in the chain it became apparent that the party at the top end of the chain was prepared to buy our client’s property; the chain reformed and within two weeks all parties moved, much to the relief of everyone involved.