The NEW waiting to exchange thread...

Caracal

trance_abbey said:

Is anyone here knowledgeable enough to tell me if LA searches are REALLY important?

Because they're going to take SO long and definitely put me out of the running for the stamp duty holiday I enquired with my solicitor if there was any way we could speed up or circumvent the process... they've said that I don't *have* to do them, but they recommend them for CYA and informational purposes.

In all of the stalking I've done I know that the property was listed last year at a higher price, so I've asked the solicitor to try and see if there was a previous buyer and if they did searches before they pulled out, and if so could I buy them.

BountyBlink - is this something you have an opinion on? I've been very impressed with the insight you've given others.

We are waiting for searches too, taking 11 weeks (!!!) in our area. Insanity.

I'm not sure about the importance, but I do know that some lenders will accept either Search Insurance/Indemnity, OR Delayed Search Insurance. We are with Nationwide and have been having this exact conversation  with our solicitor and broker today. I feel your pain! 

NatNat77

trance_abbey said:

Is anyone here knowledgeable enough to tell me if LA searches are REALLY important?

Because they're going to take SO long and definitely put me out of the running for the stamp duty holiday I enquired with my solicitor if there was any way we could speed up or circumvent the process... they've said that I don't *have* to do them, but they recommend them for CYA and informational purposes.

In all of the stalking I've done I know that the property was listed last year at a higher price, so I've asked the solicitor to try and see if there was a previous buyer and if they did searches before they pulled out, and if so could I buy them.

BountyBlink - is this something you have an opinion on? I've been very impressed with the insight you've given others.

Are you getting a mortgage as they're usually required by the lender? If not you don't have to have them. From what I've read on this board they very rarely throw up anything to worry about but there's always that chance. Many lenders do accept indemnity insurance which is pretty cheap but it's a risk you'd have to decide whether or not to take

mat1964

amyr said:

As someone who has had a buyer pull out previously, my only advice is not to delay doing so. It's never a nice conversation but better to do it quickly. 

or you could do what our buyer has done and just disappear and refuse to take any calls :-)

amyr

mat1964 said:

amyr said:

As someone who has had a buyer pull out previously, my only advice is not to delay doing so. It's never a nice conversation but better to do it quickly. 

or you could do what our buyer has done and just disappear and refuse to take any calls :-)

So much sympathy with you. Our first buyer did this. Honestly, the lack of respect is dire!

trance_abbey

NatNat77 said:

Are you getting a mortgage as they're usually required by the lender? If not you don't have to have them. From what I've read on this board they very rarely throw up anything to worry about but there's always that chance. Many lenders do accept indemnity insurance which is pretty cheap but it's a risk you'd have to decide whether or not to take

I've had a look and I can actually get an indemnity policy for myself.  I think I might just do that then, it's 325 for cover up to £500,000 and a saving of 9.5k if I make the stamp duty deadline....

flyingv

amyr said:

mat1964 said:

amyr said:

As someone who has had a buyer pull out previously, my only advice is not to delay doing so. It's never a nice conversation but better to do it quickly. 

or you could do what our buyer has done and just disappear and refuse to take any calls :-)

So much sympathy with you. Our first buyer did this. Honestly, the lack of respect is dire!

I don't understand how anyone can do that.  It's really inconsiderate, not to mention downright rude playing with people's homes and lives like that.  My conscience wouldn't let me do that to anyone.

Another update from me.  Solicitor amended mistakes on the contract first thing this morning and emailed me a fresh copy.  I've signed that and posted back to them Special Delivery.  In other news, buyer's sol says they're waiting on responses to queries, my sol says they've been answered (gah!!).  EA progressor is getting very stressed and trying to get to the bottom of it all.  Buyer's rep came for final inspection/viewing this afternoon, all very happy.  He said that his inspection is the last thing and so I should be close to completion.  Let's bloomin' hope so!!

BountyBlink

trance_abbey said:

Is anyone here knowledgeable enough to tell me if LA searches are REALLY important?

Because they're going to take SO long and definitely put me out of the running for the stamp duty holiday I enquired with my solicitor if there was any way we could speed up or circumvent the process... they've said that I don't *have* to do them, but they recommend them for CYA and informational purposes.

In all of the stalking I've done I know that the property was listed last year at a higher price, so I've asked the solicitor to try and see if there was a previous buyer and if they did searches before they pulled out, and if so could I buy them.

BountyBlink - is this something you have an opinion on? I've been very impressed with the insight you've given others.

Hi 👋🏻 the best thing to do I call your local authority and ask them directly how long searches are taking. Our LA is taking 1-2 days if solicitors go direct. Most firms go via a 3rd party search company which is why sometimes it drags out. If you call your LA and ask for the “Land Charges Team”’and then ask they their timescales. Sometimes all the information you need is actually on their website so maybe search for land charges Within their website and see if it brings up any info. 

If a matter of days ask your solicitor to go direct to “expedite” them. 

Normally you would have: 

1. Search of local land charges 

2. Environmental search 

3. Planning Search 

4. Drainage & Water 

Things like radon levels will show, flooding etc and any planning. If you don’t require a mortgage then you don’t need to have searches done, but it’s down to how well you know the area and the individual search results that you may want to see? You can organise search indemnity insurance - some lenders will allow it some won’t. 

I would find out your timescales first and then take a view on it. 

Not sure if you know of this website but it’s fairly accurate for timescales: 

http://search-acumen.co.uk/covid-19-coronavirus

Hope this helps 😉

BountyBlink

trance_abbey said:

Is anyone here knowledgeable enough to tell me if LA searches are REALLY important?

Because they're going to take SO long and definitely put me out of the running for the stamp duty holiday I enquired with my solicitor if there was any way we could speed up or circumvent the process... they've said that I don't *have* to do them, but they recommend them for CYA and informational purposes.

In all of the stalking I've done I know that the property was listed last year at a higher price, so I've asked the solicitor to try and see if there was a previous buyer and if they did searches before they pulled out, and if so could I buy them.

BountyBlink - is this something you have an opinion on? I've been very impressed with the insight you've given others.

This is a good explanation too: 
https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/local-authority-searches-explained/

BountyBlink

Justonemorecupoftea said:

@BountyBlink that is really useful, thank you! According to our estate agent the chain below is is relatively well progressed and our buyer are moving in with family once their sale is completed. Apparently they are working towards the June stamp duty cut off, so they have an incentive to keep things going.

They are all freehold and it's FTB - couple - couple - our buyer. I don't know the status of searches etc, but I'm sure I can find out from my EA. Based on the info they provided when giving the offer they are reasonably well progressed.

That's good advice re surveys, the one we had done on our current house was less than useless, yet we still feel the need to get one done on the next house!

I'm slightly concerned as there is something we'll be declaring on the property info form which may prompt further questions (vague but I'm a bit wary about sharing too much) and I think I just want to get to that stage to see what happens. I've gathered all certs/guarantees etc. and have practically drafted answers for all the questions... I sound like such a weirdo!

Not a weirdo! I’m the same, plan for every eventuality! Sounds like you have everything organised. That’s good that your downward chain will break & they will go into temporary accommodation waiting for your upward chain to fall into place. I would however keep the pressure on your vendors agent, by pushing that chain and asking twice a week the agent for updates on the progression above you. Just be that pest so your file remains top of the pile. 

Justonemorecupoftea

Upward chain is simple as they have already partially moved out - they are leaving the area and moving in with family whilst they look for somewhere to buy.
In theory should be relatively simple once the chain below is sorted and they're satisfied with all of our queries.
Although I'm not packing boxes just yet, I have picked a new sofa out!

We had our mortgage approved yesterday, much quicker than I thought (we'd had weeks suggested). Our solicitor hadn't even opened our file yet and thought I was talking about an AIP when I told him... Progress!