Searches stalling everything (Kingston) can we conditionally exchange?

thaddy

gab3x said:

My solicitors applied for searches a month ago (Kingston) and still nothing back. 
This is now stalling the exchange as all other processes have been completed.
Does anyone have experience with Kingston lately, how long did it take you to get your searches back?
Is it possible to exchange before searches but somehow make it conditional on searches coming back OK?

The link below was updated 4days ago and it says 11days for Kingston, could you check your search status directly with the council? I don't know anything about conditional exchanges so can't comment on that. All the best!
https://www.searchflow.co.uk/news-and-events/local-authority-turnaround-time-increases/

davidmcn

gab3x said:

davidmcn said:

gab3x said:

Is it possible to exchange before searches but somehow make it conditional on searches coming back OK?

Yes. Or just get search insurance (if that's acceptable to your lender). 

I would avoid search insurance as this means you can be saddled with a problem until you sell and no guarantees for compensation for it.

But the risk of a significant problem is infinitesimally small. That's why the insurance is even cheaper than the search. I can't remember anybody posting here with such a problem. Really not worthwhile delaying the transaction for if this is the only hold-up. 

m0bov

The searches are normally done early on in the transaction. Continue with the process until they come back, could take 2 months or more.

Sandtree

gab3x said:

Sandtree said:

Are you in a chain yourself?

What advantage do you think you’ll get by conditionally exchanging?

My buyer needs 2 weeks from exchange to completion in order to draw some funds. My seller has a deadline after which they cannot move until January. I would be worried moving in early Jan because of Brexit and because it is harder for me to get time off. There are no other parties in the chain.

Conditionally exchanging would mean we could respect everyone's red lines and we manage to move this year, PROVIDING the searches do come back prior to Completion (would be 3 weeks from now) and give enough time for solicitors to resolve any additional enquiries which inevitably they will have.

If you get your buyer comfortable in drawing the funds at a date in 3 weeks time without the conditional exchange you are then in a better position as if the searches take 4 weeks you could still then exchange and complete 1 week later whereas based on your current proposal conditional exchange now and it all falls apart in 3 weeks time when searches arent back will be more of a struggle to deal with before your seller’s now or end of Jan element tips