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Using searches by previous potential buyers
Comments
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I`m buying a house which was a part exchange. Searches were only done 4 weeks before I put in offer. My solicitor asked for the same amount of money for the searches. I`m going to be having words with them. Unless of course they will reduce the amount when it comes to the final bill.0
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Searches are not half the price, you will have to pay the full price. They have a date on the front of them when they were carried out, they are in date for 6 months but it is also at the conveyancer/solicitors discression if they accept them. I agree with OP that some lenders do not accept personal searchs however the Northern Rock does, check point 5.2.6 of the CML Handbook (Council of Mortgage Lenders)
Goodluck0 -
ginandtonic1988 wrote:Searches are not half the price, you will have to pay the full price.
If someone has pulled out of a house purchase they do not need to be fully re-imbursed for the cost of the searches by the next buyer. They need to compromise or risk not getting anything back.
I sold a survey to someone in a bidding war (so needed the survey as a matter of urgency), we agreed half price as reasonable.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
benood wrote:Watch out for the EA on this one - the vendor may be telling the truth but as likely is that previous buyers pulled out on survey (interesting you've not been offered that just searches) and you are going to be rushed into a purchase through pressure from seller to do the deal so she can move (ie if you don't hit her deadline that's it) and under the threat of "other interested parties" who may or may not exist.
The thing to bear in mind is that if the person at the top of the chain loses his house due to delays/problems in the chain, then your vendor loses her house, and you lose yours! i.e. the whole chain can collapse.
We are in a similar position - we want to exchange & complete on a new-build but are waiting for everyone down the chain to be ready. The builder has put a deadline of 15 December and if the deal is not done by then, everything is off!0 -
the going rate is half their original cost. Posted by Silvercar
Never heard of that in 30 years of working in conveyancing!0
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