Viability of exchanging contracts within 3 working days?

TripleNut

We've found an investment property which we'd like to purchase. The seller has insisted that we exchange contracts within three working days next week or it will be sold to someone else the following day. Originally it was going to go to auction and therefore all of the searches have been completed reasonably recently so this does save some time but we need to find a conveyancer who'll move superfast to get the contracts exchanged within three working days. We're happy to take responsibility for contents of the searches etc, just as if we'd purchased a property at auction, but need the other legals sorted really quickly.

We have repeatedly asked that the seller slackens these terms and gives us more time but they're not for budging. We're not dwelling on this lack of flexibility but just want to focus on the viability of exchanging ultra quickly. Completion can be completed at a conventional pace once contracts have been exchanged, they just want some certainty.

One other issue (although it may be a non-issue) is that title is an under-lease below a 999yr lease. The terms of this under-lease have also previously been drafted.

Any advice or guidance very much appreciated.

G_M

The obvious questions are

* do you need a mortgage or do you have the cash?
* what element of risk (ie on survey, searches etc) are you willing to take?

GDB2222

And the last obvious question: are you being bounced into this? For example, it could be hard to get a survey done in 3 days - is that the seller's purpose, ie to stop you getting one done?

TripleNut

Should have stated that we're a cash buyer, no mortgage. We're prepared to take responsibility for survey and the searches but need someone to take on the legals. I've been in the construction industry over 20 years and know my onions. I've done my own initial survey and also a surveyor friend has given it the detailed once over and all is good.

Must add that we're not being bounced into anything. We know the sellers exact situation and it's 100% genuine, no wool is being pulled over our eyes. We've just arrived in this situation as our money has suddenly become available and we've jumped in (opportunist style) to try and pinch the sale, as it were. Also, as mentioned above we won't be getting a survey done, exactly as as if we were buying blind at an auction.

GDB2222

Sounds good. Just ring round some local solicitors, then. You need local, as you'll need to hand over proof of identity and also be on hand to sign docs. Same day exchanges have been known, so 3 days is perfectly doable if all the documents are available. Be prepared to pay over the odds for the work, though.

jamesperrett

I know of one property where all the legal work was done within 3 days - however, it was an agricultural building rather than a house and the solicitors had a long-standing business relationship with the client.

James.

Richard_Webster

We're prepared to take responsibility for survey and the searches but need someone to take on the legals.

This kind of comment worries me! How does OP draw a distinction between "searches" and "legals"?

I would insist on doing it properly and making sure I reported to him in writing on everything in the legal pack and pointed out the possible implications of any missing information. If he wanted it done in 3 days he would have to pay a premium rate - otherwise too high a risk that something goes wrong and he says that I never warned him.

If he gets a solicitor who browses through the stuff and rings him up and says "Yea, nothing to worry about...." it may go through fine and he may never have a problem, but if something adverse comes up later how does the solicitor get out of liability?

GDB2222

Richard_Webster wrote: »

This kind of comment worries me! How does OP draw a distinction between "searches" and "legals"?

I would insist on doing it properly and making sure I reported to him in writing on everything in the legal pack and pointed out the possible implications of any missing information. If he wanted it done in 3 days he would have to pay a premium rate - otherwise too high a risk that something goes wrong and he says that I never warned him.

If he gets a solicitor who browses through the stuff and rings him up and says "Yea, nothing to worry about...." it may go through fine and he may never have a problem, but if something adverse comes up later how does the solicitor get out of liability?

if you take it on, you have to do it right, but you can charge extra for the rush and the extra risk of getting it wrong. I think what the OP meant by saying that he would take responsibility for the searches was that he would absolve the solicitor of any responsibility for getting new searches, so the solicitor could concentrate on looking at the searches that are available.

I do not do this sort of work myself, but I quite like doing rush jobs generally. It means that you can keep all of the information in your head at the same time and just go through the work required. you do not have to wait for documents to arrive. I hate having to put down and pick up jobs, as my memory is not that great, so I have to spend a lot of time going back over the file.