Conveyancing - anyone in this line of work?

[LittlePearl]

I'm after some information, if anyone can help.

If a sale falls through just before exchange (ie the seller was ready to exchange but the buyer had to withdraw) how much work needs to be done to the contract when a new buyer comes on the scene?

Is it really as straightforward as just amending the sale price and the buyer's details, or is there more to it? Just trying to understand what could cause a delay.

TIA.

No, it's not quite as straighforward as that. Mainly it depends on what queries the new buyer's solicitors raise and how easy it is for the seller's solicitors to answer these. If they are similar queries to what the previous buyer raised (and they largely ought to be as any decent solicitor would be likely to see similar issues and raise similar enquiries from the contract pack) then it should be easier/quicker to deal with.

if the property is leasehold then you might need to pay for a new management pack depending on how long the delay is as the previous replies could be out of date

the new buyer will also need to apply for their own searches which will take a number of weeks to come back too so there'll be delay on that side too, and just in general for the new buyer and their solicitors to read through all the docs and raise enqs/report

the contract itself is unlikely to change much though apart from names and address for buyer

Thanks Rosie

It's not leasehold and the new buyer made an offer that was accepted about 3 weeks after the first sale fell through. They got the searches etc done. The delay has been on the seller's solicitor's side.

Just trying to understand why there was delay. It means the buyer has missed the 30 June deadline and will have to pay stamp duty.