The House Buying Chain

A chain is only as good as its weakest link.

We've been settled in our new home for almost two years, now, but this post isn't about us. Some friends in a nearby village have also been let down at the last minute, in similar circumstances to our experience.

A few weeks ago they sold (stc) their house to teachers moving into the area, who had accepted an offer from a first time buyer, thus completing a very short chain. With one week to go until exchange of contracts, the first time buyer reduced her purchase offer by several thousand pounds. It was unacceptable and the chain collapsed. Our friends, who should have been moving at the end of this week, have had to put their house back on the market - in August - expecting no response until early September when the summer break is over.

Their plan is to purchase a narrow boat for their semi-retirement - a lifestyle that enables them to live within a smaller income, with some cash in the bank for 'rainy days'. Our frustrated friends had to decide whether to lose the boat or take a bridging loan. The property buying/selling system needs radical reform!

Here's a nice photograph of some canal boats ...

Footnote: There was a happy ending - a lovely couple bought their house and they are happily living life on their boat.