Currently in the final stages of buying a house. Cash buyer, seller has no chain (gone into a nursing home).
Got the ball rolling 6 weeks ago, got most of the paperwork complete, but still waiting on local searches to come back. Now sellers solicitor is pushing to get the contracts exchanged in the next 48 hours as the seller thinks it’s taking too long (they accepted my lower offer as I was a cash buyer) . My conveyancer is saying that I can take out an indemnity policy against the searches, then cancel the searches ??
Are these worth the paper they are written on ?
What is the point of searches if you can just take out a cheaper indemnity insurance ?
I plan to remortgage it in 6 months time, so would be good to know now if there are any issues that come up on the searches, but equally don’t want the seller to pull out because things are taking too long.
And why do bloody searches take so long, can understand in the old days, but you would think everything would be at your finger tips these days.
Grrrr
Searches shouldn’t take long, you can do them yourself. 6 weeks in and your solicitor hasn’t been moving quick. (There is one that takes longer than others)
Which searches is your solicitor waiting on? Ring their solicitor and ask what info they have received from your solicitor
Sounds like you have a shit solicitor, or just a normal one that move at snails pace
If they pull out they'll have to start the process from the beginning, you might be moving slowly but at least you're 6 weeks in. If they're in a hurry to sell they'd be crazy to pull out.
Any historical mining in the area? That's the one I'd be most concerned about.
If they pull out they’ll have to start the process from the beginning, you might be moving slowly but at least you’re 6 weeks in. If they’re in a hurry to sell they’d be crazy to pull out.
This - I was the seller in this position earlier this year, luckily I didn’t need the cash for care home fees straight away, but that could be a motivating factor.
Your solicitor knows this too, but it’s always a good idea to pester them for daily reports.
Good luck.
I wouldn't buy without local searches personally.
they’ll have to start the process from the beginning
Correct but did they take reduced price for cash and now the seller has been offered considerably more money?
For me it would depend on the house a bit mid terrace in an area with steady churn of house sales take a punt with indemnity insurance. Detached older house in quiet area with not many sales, old mines, churches other red flags, not so keen.
Ring your solicitor asking for an update once in the morning and once in the afternoon (they seem to have lunch from 12-2) they will soon get fed up of you pestering them and sort it out.
I was well on the way to buying a house. Lovely spot with some common land across the road for walking the dog.
Searches came back and there was a planning application in for the open space, a golf driving range. 30ft high fencing and floodlights, 7 days a week. No thanks. Backed out of that very quickly.
I'm not sure how insurance would have made that any more appealing. Money won't fix everything.
Ah, conveyance solicitors. Not a fan.
Mortgage company insisted on using one from an approved list at a big practice instead of the family run solicitors in the village who we used before.Great personal service and we like to keep money local but the mortgage company made us go with driver belcher.
They were so slow with everything. Big firm and terrible at updating us. We got together with our buyers and vendors solicitors, as well as the estate agent and hounded them relentlessly until things started moving quickly.
As for the searches, we had to take out indemnity because part of the search was incomplete due to lack of historical records. Use of adjacent land before 1980. Neighbour says it was a field cause he used to play in it as a kid but solicitors couldnt find anything.
Not knowing the area you are buying and the circumstances, I'd just go for the indemnity for peace of mind.
Searches shouldn’t take long, you can do them yourself. 6 weeks in and your solicitor hasn’t been moving quick. (There is one that takes longer than others)
Which searches is your solicitor waiting on? Ring their solicitor and ask what info they have received from your solicitor
Sounds like you have a shit solicitor, or just a normal one that move at snails pace
Wish I had done this earlier..
Just phoned local Land Charges dept , and surprise surprise, they have not even had a request for information on the property yet. I have just put a call into the sellers Solicitor so waiting to hear back from her. Receptionist was doubtful as to whether she would be able to speak to me, but will give it a go.
Receptionist was doubtful as to whether she would be able to speak to me, but will give it a go.
They don't generally speak to the other party without going through their/your solicitor. When I did my own conveyancing they were very reticent to speak to me and I had to write them a letter clearly stating I had not instructed a solicitor of my own before they would talk to me
You can always try asking to speak to the solicitor's assistant - they often do the work anyway. Depends on the size of the practice.
