Buying searches from previous solicitors

Zetlandroad

Hello,

I am in the process of buying a property that another buyer recently pulled from at a late stage. I understand searches were run.

Is it possible to use the searches already run? I presume my solicitor would have to contact the previous buyer's solicitor to arrange this? Would I ask the estate agent who this solicitor was, or ask my solicitor to make this enquiry directly with the agent?

Furthermore, is it ever the case to request the previous buyer's survey report, even for a payment to forward it on? Again, I presume this would be a question to raise with the agent?

I understand the pros and cons of the above, for example using documentation (including survey) provided by a middle party, and would account for that. I'm just exploring whether the above are typical options.

As I understand it, the buyer pulled for an unrelated reason just prior to exchange.

Thanks in advance for any input!

london21

Yes your solicitor would have to contact the previous interested buyer’s solicitor to buy the searches from them which will save you time, valid for 6 months I think.

 

Think you will have to contact the estate agent to arrange this.

 

They might not want to share their survey report but can ask, also depends if they paid for one or the standard mortgage lender valuation which some lenders don’t share.

GoogleMeNow

Be aware that searches are only good for six months and you will be expected to pay the full price for them.  Buying previous searches only saves time, but if the transaction is likely to take more than a couple of months, it will be worth getting new searches, particularly if you are obtaining a mortgage.

The previous buyer may be agreeable to sell you their survey, but it is their report and you would not be able to make a later claim for anything missing in that report from that surveyor.  The EA is best placed to ask the question of the previous buyer.  As above, lenders don't share the survey they do, but it is only one for valuation purposes.

badger09

We were in this situation earlier this year.

We bought searches from previous buyers who pulled out at exchange. Paid full price, so saved only time, at least 4 weeks, but not money. However, we didn't need a mortgage and if you do, your lender might insist on fresh searches.

We also explored buying survey, but original surveyor said they would have to revisit property anyway. We decided to have our own survey done, and as our surveyor had already done one survey for us (vendor pulled out) he reduced his charge.

goodwithsaving

My buyer did. Saved so much time because LA searches at the time were 50 weeks, and surveyor waits were around 8 weeks. I was really grateful to my buyer for purchasing them, and former buyer for selling them.
The lender (well, solicitor) has to be willing, but it's possible.