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

Thrugelmir

LizaVCook said:

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.

Pre Xmas you'll be looking at completion by the 17th December. Ideally exchanging around the 10th. That's a tight deadline. 

LizaVCook

Pre Xmas you'll be looking at completion by the 17th December. Ideally exchanging around the 10th. That's a tight deadline. 

I know 😬 The more I think about it, the more bonkers it seems!

badger09

LizaVCook said:

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.

Offered on (2nd) property 25th November. Offer accepted 26th. Survey done 17th December, as we couldn't get it done earlier. Exchanged 1st February & completed 4th.

Our sale completed 8th January & we were ready to exchange mid January but top of chain had delay organising their Lifetime mortgage funds. Still quite quick, given the 2 week Xmas shutdown.

LizaVCook

That is quick! Their survey was done today, so there is still a glimmer of hope we’ll complete before Christmas. Your experience has been really helpful. Thank you so much for sharing.

Drawingaline

Good luck. We lost our buyers this time last year, new offer within 48hrs. They couldn't use the same solicitors due to not being on mortgage panel, but had mortgage offer and searches back week before Xmas. Xmas shutdown, enquiries raised 4th Jan, all sorted for exchange on 20th, moved 27th Jan! 11weeks total including two weeks off for Xmas. Super stressful, had to book removals before Xmas. We were the only ones moving though as FTB buying ours and house we were buying was empty as they had moved back to mainland Europe. 

I only saw four enquiries raised as our solicitors had the answers to all the others before so that definitely sped things up, only issue was getting a boiler service done, in Jan, in a lockdown , as buyers solicitor requested this. 

It is doable, but maybe being in a longer chain will delay things. Also removals get very booked up the weeks leading up to Xmas. I would be planning a nice relaxed Xmas with a move first half of Jan. Rather than a scramble to be in for xmas.

LizaVCook

Our chain is only 1 longer than yours. It’s our vendors that are pushing for pre Christmas move, but I do like the idea of moving in when I have 2 weeks off work rather than trying to do it in January and a new school term (I’m a teacher). It is interesting to read that yours progressed quickly too! You’ll be looking forward to a much more relaxed Christmas this year then!

LizaVCook

We’re now talking about exchanging next week! 

badger09

LizaVCook said:

We’re now talking about exchanging next week! 

Fingers crossed for you

LizaVCook

Little update. We exchanged and completed on December 2nd. 1 month after finding buyer no. 4. So it is possible! Especially when new buyers use previous searches and solicitor.

goodwithsaving

LizaVCook said:

Little update. We exchanged and completed on December 2nd. 1 month after finding buyer no. 4. So it is possible! Especially when new buyers use previous searches and solicitor.

Wow that's impressive. Congratulations! Enjoy your new home, just in time for Christmas too (my buyer2 re-used buyer1's searches but even that took 12 weeks.....)