Buying in cash - searches required?

American_Girl

My partner and I are first-time buyers and have made an offer on a flat in London. We would like this to move very quickly - the seller was willing to accept lower than the asking price as we're cash buyers with no chain or anything to hold us back and the option to move quickly is what really interested the seller.

If accepted, the property will no longer be shown, but that won't stop someone from gazumping us. I'm sure it won't take much for the seller to go back on his offer to us if someone is willing to pay the asking price, even without seeing the property (we're in London and property in my area is in high demand). Therefore, we would like final contracts signed ASAP.

As we're paying cash, I know we're under no obligation to complete searches. Our solicitor has advised that these can take a few weeks but is insisting on completing them. We are buying in the same complex we have rented in for 2 years - we're very familiar with the area and are made aware of all development requests submitted so we know about the potential disturbances already.

We are contemplating asking our solicitor to not conduct any searches so we can get the contract signed. We are under a relatively tight time scale and can't afford to be gazumped - both for time and money we would lose.

Anyone have any advice? Could we be okay to skip the searches? Should we look into indemnity insurance? Or is it just plain stupid to skip the searches, even if it puts us at risk of losing the place (plus time and money)?

Thanks in advance for any help!

DTDfanBoy

American_Girl wrote: »

We are under a relatively tight time scale and can't afford to be gazumped - both for time and money we would lose.

Or is it just plain stupid to skip the searches, even if it puts us at risk of losing the place (plus time and money)?

Thanks in advance for any help!

So you can't afford to lose any money by being gazumped, but are happy to risk all your money purchasing a flat without any searches :eek:

DO NOT DO THIS

MrRee_2

MADNESS .... what are you thinking?

Any other buyer would do searches .... your advantage is the mortgage free aspect of your offer.

You are in competition with other buyers - NOT with the vendor!

hazyjo

Can't think of one reason why you'd be in so much of a rush you'd not want searches (do you know what they comprise)? Is it solely cos of worrying about being gazumped? There must be thousands of sales going through in London. Fear of being gazumped should not be enough to make you rush to that extent.

Searches are not just a case of checking for development plans - in fact, a lot of things like planning applications won't even show! Presume you're skipping a survey too?

Maybe consider auctions. I think most of us are expecting a thread in a few months' time though about problems you've encountered with your new property!

Good luck.

Jx

Dan-Dan

if someone joins a contract race , its quite necessary to skip searches , to even have a chance
Wether advisable or not would depend a lot on how well the buyer knows the area , the house etc etc , but on a flat , seems a risk too far

RAS

Read this thread as well https://forums.moneysavingexpert.com/discussion/4767543

mrginge

Are you on some form of medication and/or have a psychological complaint?

This is a serious question that needs answering, as it will help other posters to respond appropriately.

jbainbridge

Ask your solicitor what other things need to happen - e.g. getting information from the freeholder - this may take time too. Get the searches done at the same time.

Celina83

I agree with everyone else, don't put yourself at risk. Get the searches done!!

makeyourdaddyproud

Searches also reveal who has valid title and charging orders against the property. Buying without searches means you potentially take on the title encumbrances incurred by the vendor. You would be a fool to avoid this important buying step.

Lord_Baltimore

I think we're relieved you asked us this question young lady!

Please have those searches...and good luck.