Buyer pulled out late, new buyers using same solicitor. Any benefit to reusing searches?

LizaVCook

So, our house has been on the market since April. We sold straight away to buyer 1. Failed to find our dream house until July, by which point we had lots 2 buyers and had to quickly find a 3rd. 

The chain was complete by late July and everything was going ok except our buyers (B3 and their buyer) were really dragging their feet. Anyway, this week we finally had call to say everyone was ready to exchange contracts and literally 30 minutes later our buyer pulled out. The couple had spilt up apparently. So, after a minor melt down we asked our vendor if they’d let us try find new buyer. They did and we found someone!! 

The very next day we had found lovely first time buyers so no chain and they are as eager as us to complete by Christmas.
I had asked EA if we could purchase the searches done on our property (only last month) by our old buyer’s solicitor. It turns out our new buyers have appointed that same solicitor (probably prompted by our EA). So, all they need to do is obtain full mortgage offer, and have contracts redrawn up with their details.

so my question is, has anyone experienced this before? Could the new process be completed within 6 weeks?

LizaVCook

They do, because they have said they do, which is probably why they appointed the same solicitor. I was asking for who had experience of this and if it has saved time on the convayancing.

HopeAndDriftWood

Our buyer did this a few weeks ago. The old buyer sold them cheaper than they’d have cost and it saved the wait for the searches to be back, but it didn’t speed up conveyancing, really…

Are they having a survey? I think a new mortgage offer, new contracts and a survey along with enquiries would probably be tight in six weeks, especially as we approach Christmas, but it might happen! The solicitors would be able to advise. 

LizaVCook

HopeAndDriftWood said:

Our buyer did this a few weeks ago. The old buyer sold them cheaper than they’d have cost and it saved the wait for the searches to be back, but it didn’t speed up conveyancing, really…

Are they having a survey? I think a new mortgage offer, new contracts and a survey along with enquiries would probably be tight in six weeks, especially as we approach Christmas, but it might happen! The solicitors would be able to advise. 

Thank you. This is helpful. I am geared for a January move but trying to gauge likelihood of December move. 

I hope your move goes smoothly now.
Our buyers have instructed a survey, which is happening next week. 

AskAsk

6 weeks is asking quite a lot even if they buy the searches as that is not always the delay in the process.  i find since the pandemic, the solicitors are also very busy and very slow.  i would not expect 6 weeks even if the buyer was a cashbuyer and there is no chain at all.

LizaVCook

AskAsk said:

6 weeks is asking quite a lot even if they buy the searches as that is not always the delay in the process.  i find since the pandemic, the solicitors are also very busy and very slow.  i would not expect 6 weeks even if the buyer was a cashbuyer and there is no chain at all.

We were almost at exchange, so our solicitor and buyers solicitor had gone through searches and enquiries and drafted contracts. Now our buyer’s solictor is acting for our new buyers, so presumably they will be satisfied with all enquiries that have already been made. I can only think that timescale now will involve new mortgage offer and valuation survey and homebuyers surveys, which last time took under 4 weeks.  I’m probably being overly hopeful perhaps.

AskAsk

LizaVCook said:

AskAsk said:

6 weeks is asking quite a lot even if they buy the searches as that is not always the delay in the process.  i find since the pandemic, the solicitors are also very busy and very slow.  i would not expect 6 weeks even if the buyer was a cashbuyer and there is no chain at all.

We were almost at exchange, so our solicitor and buyers solicitor had gone through searches and enquiries and drafted contracts. Now our buyer’s solictor is acting for our new buyers, so presumably they will be satisfied with all enquiries that have already been made. I can only think that timescale now will involve new mortgage offer and valuation survey and homebuyers surveys, which last time took under 4 weeks.  I’m probably being overly hopeful perhaps.

if the new buyer doesn't raise any questions then 6 weeks may be possible if the two solicitors are the same as you say so they have done all the work.

the buyer may raise queries when they see the survey and the searches and the mortgage may take longer than 4 weeks for them.

Slithery

Average time to completion after the chain is complete is currently >12 weeks.

LizaVCook

Slithery said:

Average time to completion after the chain is complete is currently >12 weeks.

This isn’t your average scenario though. I have seen other threads on here with people in similar positions but the thread ends before the end of this story! It’d love to know if those people ever got  moved in relatively quickly once a new buyer was found. 

I’ll no doubt find out in a few months anyway, in which case I can update this thread!

badger09

Late last year, we bought Searches from previous buyer who pulled out at scheduled exchange. We paid full price, so no financial saving, but reckon it saved about 6 weeks conveyancing as LA Searches were then taking 8 weeks in our area.

We were already close to exchange on our sale and were comfortable with helping our vendor maintain his upward chain. We moved into temp accommodation, with all our stuff in storage, rather than inconvenience the chain below us.

Don't think we'll be that accommodating next time, if there is a next time!

LizaVCook

badger09 said:

Late last year, we bought Searches from previous buyer who pulled out at scheduled exchange. We paid full price, so no financial saving, but reckon it saved about 6 weeks conveyancing as LA Searches were then taking 8 weeks in our area.

We were already close to exchange on our sale and were comfortable with helping our vendor maintain his upward chain. We moved into temp accommodation, with all our stuff in storage, rather than inconvenience the chain below us.

Don't think we'll be that accommodating next time, if there is a next time!

Thank you for your response! How long did it take from you taking over the chain to completing on your purchase?
Our vendor and the EA (we’re all using the same one) are desperate to get things complete by Christmas. I don’t actually think I’m that bothered anymore when we move as long as we do eventually move because the house we’ve offered on is my dream home.