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Changing buyers in mid-conveyance
Robert_Walker
Posts: 6 Forumite
Hello everyone,
The conveyancing is almost complete and one buyer has dropped out and another buyer has come on board.
I suggested that the new buyer continue with the previous buyers solicitor.
I thought it would save him money but it seems that previous buyers solicitor would charge the same amount.
The agents are telling me that the new buyer can "buy" the searches from the previous buyer.
Is this normal and is there any better way to deal with this?
Thank you in advance
The conveyancing is almost complete and one buyer has dropped out and another buyer has come on board.
I suggested that the new buyer continue with the previous buyers solicitor.
I thought it would save him money but it seems that previous buyers solicitor would charge the same amount.
The agents are telling me that the new buyer can "buy" the searches from the previous buyer.
Is this normal and is there any better way to deal with this?
Thank you in advance
0
Comments
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From what i've read here that can be done and it would obviously speed things up.
The solicitor would charge the same but you could get clarity on if that includes searches, since in theory the solicitor isn't charging for searches but passing the costs on.0 -
The searches were already paid for by the previous buyer. I've been told by the estate agent that the new buyer has to "buy" the searches off the old buyer in order to get a discount from the buyers solicitor. How much this will affect the timescale is not clear0
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The new buyer may want new searches depending on how old the old ones are and how long the process has been going on.0
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The searches are a few weeks old0
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Robert_Walker wrote: »The searches are a few weeks old
Mortgage lenders generally require that searches are less than 6 months old on the completion date.
The main reason for buying a previous buyer's searches is to save time - for example, if it would take 2 or 3 weeks to get a new searches done.0 -
It's ridiculous to think that a solicitor might have to go through exactly the same searches a week or two later because the previous buyer is unwilling to "sell" the searches for a reasonable price0
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Not your concern - don't get involved.0
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