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Can anything be 'reused'?
jaspercat2002
Posts: 64 Forumite
Hi
Newbie to the site so hi all!
In brief we were in the process of buying and selling when our original buyer pulled out quite a long was into the process (all surverys complete, searches done) It was a 'personal' reason apparently and nothing to do with the survey or anything.
Luckily a new buyer has stepped straight in and these are first time buyers so even shorter chain. They (like us) are using the EA recommended solicitors and have been assigned the same partner that our previous buyers where using.
Is there any way that this situation will be able to speed up the conveyancing at all? I realise their mortgage company will probably want their own survey done but can the searches be sold on to the new buyers?
Am trying to get hold of the solicitor to ask but just wondered if what I was suggesting was totally dodgy practice or an accepted route in these situations?
TIA for any info
Zoe
Newbie to the site so hi all!
In brief we were in the process of buying and selling when our original buyer pulled out quite a long was into the process (all surverys complete, searches done) It was a 'personal' reason apparently and nothing to do with the survey or anything.
Luckily a new buyer has stepped straight in and these are first time buyers so even shorter chain. They (like us) are using the EA recommended solicitors and have been assigned the same partner that our previous buyers where using.
Is there any way that this situation will be able to speed up the conveyancing at all? I realise their mortgage company will probably want their own survey done but can the searches be sold on to the new buyers?
Am trying to get hold of the solicitor to ask but just wondered if what I was suggesting was totally dodgy practice or an accepted route in these situations?
TIA for any info
Zoe
0
Comments
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Their lender will require a survey, though it may be possible for the original survey to be rewritten for a fee of 25-45. Only works if the original surveyor is on the new lender's panel and the original buyers agree; they could charge. I once sold a survey on for half the price I had paid, but the new buyer's still had to pay for a valuation.
Searches could be sold to the new buyers if they are recent.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 -
The buyers should check if the valuer who produced the report for the failed purchase is on their lender's panel too. If so, they might (assuming they are asked nicely and for a smaller fee than a valuation report) just do a 're-type' for the new lender, rather than having to go through the whole process again. This might save some time and also save the new buyers a little bit of cash. At any rate, it's worth a try. If you don't ask you don't get and all that...↑ Things I wouldn't say to your face
↖Not my real name0 -
Faster typer than me, obviously!↑ Things I wouldn't say to your face
↖Not my real name0 -
Thank you both so much for speedy replies! Will not feel shy to suggest it now.0
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