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Buyable paperwork for new buyer after original buyer withdrew offer
Natsplus
Posts: 47 Forumite
Hi all,
We were quite close to exchange and my original buyer withdrew his offer. Now we have an investor who wants to buy our house. I would like to know which paperwork can be bought from the older buyer's solicitors (if any) to speed up the process? Or does it not make much of a difference?
Thank you
We were quite close to exchange and my original buyer withdrew his offer. Now we have an investor who wants to buy our house. I would like to know which paperwork can be bought from the older buyer's solicitors (if any) to speed up the process? Or does it not make much of a difference?
Thank you
0
Comments
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If I was your new buyer I’d want my own solicitor to carry our the necessary checks, I would not want your previous buyers paperwork. Has your new buyer suggested they’d accept this?0
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Searches are what takes time at the moment. And, well, searches are searches. They are not personal.No reliance should be placed on the above! Absolutely none, do you hear?3
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I was in this position as the second buyer and I was 100% happy to purchase the searches from the failed buy as it represented a massive time saving, which in my case exchange would have been more than two months faster. These searches are not the entirety of the solicitor's job, and they will still be doing their due diligence in making sure everything is accountable. The process of a sale is to ensure everything that relates to it has a paper trail making someone responsible or not responsible. This doesn't change if the searches were bought or arranged by a different solicitor. Solicitors are not stupid enough to sell on dishonest or false searches - they would be legally exposing themselves by doing this!UnderOffer said:If I was your new buyer I’d want my own solicitor to carry our the necessary checks, I would not want your previous buyers paperwork. Has your new buyer suggested they’d accept this?
Have your solicitor advise the old solicitor that there is a new buyer and provide the new buyer's solicitor details and suggest the new buyer might like to purchase the searches. They can then discuss it together. It is customary to pay full price as a reimbursement because it benefits all three parties.
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We're in same position. 2nd buyers, & we agreed to buy searches from previous buyer in order to speed up the process. We paid full price. Our solicitor advised us that had a mortgage lender been involved, they would probably insist on fresh searches.
We did consider buying the Homebuyers survey, but when original surveyor said they would have to revisit the property, we arranged our own, which turned out to be quicker.1
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