Help needed if sale falls through...

Propertyfan

The buyer of my property fell through at the very last minute. All the local authority searches had been done, contracts drawn up - the whole thing. A prospective new buyer made an offer but didn't want to use the existing searches, currently in the possession of the old buyer's solicitor. I was astounded by this. In theory, if I had accepted his offer he would have to spend countless weeks getting the searches done when they've already been done. Isn't this A) illogical and a waste of time?

If anyone has managed a sale but had the original buyer pull out at the last moment and your property's searches were all completed, did the next buyer use the existing searches? I emailed my solicitor and rang her just to get some clarification on this but no reply so far. Not related to this topic but I've noticed how my solicitor hardly ever replies to email and tel phone queries. But that's for another thread! Putting that to one side, if anyone can help me on this topic, very big thanks indeed.

Yorkie1

Searches are only valid for so long.

Imagine being the buyer who relies on old searches, buys the house, and then discovers something adverse affecting their property which had been entered onto the searches after the original ones were done ... your solicitor would be in deep doo-doo for letting you rely on old information.

Propertyfan

But if a got a new buyer within, say, four weeks of the other searches being complete, they would still be new, right? My intention is to sell quickly so the current searches held with the ex-buyer's solicitor would seem up-to-date. I'm guessing so.

Thanks for the reply.

suebfg

The solicitors will carry out new searches

ValHaller

Propertyfan wrote: »

But if a got a new buyer within, say, four weeks of the other searches being complete, they would still be new, right? My intention is to sell quickly so the current searches held with the ex-buyer's solicitor would seem up-to-date. I'm guessing so.

Thanks for the reply.

While what you are saying is logical, there is another logic which says that the buyer should have his own opportunity to make his searches in the way he pleases. And it may be that the new solicitor feels that his professional indemnity insurance may not cover him for second hand searches.

So beyond mentioning that searches may be available with the former buyers solicitor, you just need to let it go. The harder you push this, the more you will look like you know you got away with something on the old searches.

Propertyfan

The solicitors will carry out new searches

But why would these be necessary? Wouldn't the results be exactly the same? And more to the point - from my point of view - as a person wishing to sell and move - this will mean another six or so weeks of the solicitor doing stuff when he can refer to the paperwork he got from the other solicitor!

I find this whole process pathetic and moronic. If I am lucky to get a second buyer interested and the offer is great, thank the Lord, but if my solicitor seriously thinks I am going to waste another two months waiting for the buyer's solicitor to repeat the EXACT searches done by the first buyer's solicitor (the buyer that pulled out of the purchase) then my solicitor is going to have a rude awakening. I don't think I can go forward with selling my property because this process is pitiful. Life really is too short for the same searches to be done again. Absolutely moronic.

Sorry for the rant but this is upsetting to know. I've wasted seven weeks with a guy that pulled out at very last minute. He had all the searches done, heck his contract was sent to me in the post and I was going to sign it. It came the day after he pulled the plug on the deal! If the new buyer doesn't have a chain I am insisting he use the other buyer's searches or else the deal is off. No way am I waiting six/seven weeks for the guy's solicitor to repeat searches on my property when the other solicitor has done that! Obviously if my buyer has a chain then the buyer of his property will have to do searches on his property so that might take six or more weeks. Fair enough but if the guy is chain free I'm not waiting six or more weeks. Well I will try not to. The solicitors can tell me to "go away, you don't make up the rules" if they want to and I'll have to accept or forget the whole deal and stay where I am and never move.

So beyond mentioning that searches may be available with the former buyers solicitor, you just need to let it go.

We'll see!

G_M

The new buyer's solicitor has a duty of care to his client, which, however illogical it may seem, includes completing searches he undertakes himself, rather than trusting searches undertaken by another.

Additionally, any guarantee as the the accuracy of the searches could only be claimed against by the buyer/his solicitor. If the search missed something, the new buyer would have no come-back.

The only person who might decide to rely on the old search would be a buyer who was not only doing their own conveyancing (ie no solicitor), AND paying cash (since their mortgage lender would also insist on new searches.

Propertyfan

So what if the vendor of the house I wish to buy says to me:

"Propertyfan, I know your buyer did the searches/survey and the contracts were ready and posted to you, and he pulled out. Your new buyer doesn't want to use the original searches, he wants new searches done, but I need to sell my house to you A.S.A.P."

What do I do? Say to him "well, sorry, you got to wait two months for my buyer to have the same searches done."

!!!!!!!!!!!!



I thought buying and selling was about getting on with it. Not finding ways to slow it down.

ValHaller

Propertyfan wrote: »

I find this whole process pathetic and moronic. If I am lucky to get a second buyer interested and the offer is great, thank the Lord, but if my solicitor seriously thinks I am going to waste another two months waiting for the buyer's solicitor to repeat the EXACT searches done by the first buyer's solicitor (the buyer that pulled out of the purchase) then my solicitor is going to have a rude awakening. I don't think I can go forward with selling my property because this process is pitiful. Life really is too short for the same searches to be done again. Absolutely moronic.

You are bashing your head against a brick wall. It is not your decision to make. If I am buying your house as the new buyer, I will decide with my solicitor how we will proceed on searches. If you stick your oar in too much, you will find out that you will do it my way or you will look for yet another new buyer

Propertyfan wrote: »

If the new buyer doesn't have a chain I am insisting he use the other buyer's searches or else the deal is off. No way am I waiting six/seven weeks for the guy's solicitor to repeat searches on my property when the other solicitor has done that! Obviously if my buyer has a chain then the buyer of his property will have to do searches on his property so that might take six or more weeks. Fair enough but if the guy is chain free I'm not waiting six or more weeks. Well I will try not to. The solicitors can tell me to "go away, you don't make up the rules" if they want to and I'll have to accept or forget the whole deal and stay where I am and never move.



We'll see!

We'll see indeed. If you want an example of moronic, it is your idea that you will force a new buyer to use the old searches.

Frankly, you would do better to take your property off the market right now before you find a new buyer. Because the next buyer will walk away - but you will have to pay your Estate Agent for introducing an able and willing buyer.

kingstreet

Searches take about two weeks when there are other things going on at the same time. In the great scheme of things, this will not make much difference.

Your purchaser may not wish to complete as quickly as you!

Propertyfan

I can understand your points - the non-emotional side of my brain appreciates what you say but the more emotional side of my brain - the one that wants the sale to go ahead relatively quickly and not be bogged down in tedious repetition - can't accept this line of 'reasoning'.

Also, my solicitor hasn't replied to this query even though the secretary said she would ring back. She did the same thing last Friday when I asked about another query. The secretary said she would ring back - she didn't. She's also ignored my email but I'll give her a tiny benefit of the doubt and see if she has one minute of her precious busy schedule to condescend to email me a one or two line reply.

When the conveyancing process is over I will be writing her a caustic email saying "I won't be recommending you to anyone else!" Roll on that day.