Can new buyer complete in 5 weeks?!

[labourlost]

For background, we are a very small chain (mortgage free buyer purchasing my house, the house we're buying has no chain) but our cash buyer has lied about funds & we were supposed to exchange weeks ago. With no sign of his funds (We think he's under investigation as he transferred a lot of money from the US & his bank won't release the funds as yet - this is what we've been told) we need to find a buyer or we will lose our onward purchase. We have found a buyer & they want to move quickly as well.

My questions are:

Can they buy the management pack/searches from the previous buyers solicitors to speed things up?

Is it possible that with the searches & management pack already in place, we could complete in 5 weeks time?

Has anyone else been through this & can offer any advice?

We completed within 7 weeks with a chain of the same size, and that was with both us and our buyers needing mortgages approved (but our vendors going into rented), and it was during the mega rush before the stamp duty holiday ended (completed 28th June) so given things are supposedly less manic for conveyancers now I think 5 weeks is doable as long as your conveyancers are on board and all parties are committed to responding asap to enquiries. It certainly shouldn't be counted upon, and do all check with your conveyancers - they're unlikely to promise anything, but may say that they're stretched and advise they can't do it with the timeframe.

Completed searches can be bought by the new buyers, I don't know anything about management packs though (not a term I've heard in our two purchases).

Good luck!

Is the new buyer a cash only buyer as well? If so yes it's more doable.

If not then they'll need to get mortgage offer reissued, have valuation, searches may not be transferrable to the new mortgage company etc etc.

Also at the moment it seems a lot of people are on annual leave and will be the next few weeks so don't underestimate the delays with that too!

Assuming they are cash (in the bank and ready) and your current buyer agrees to sell his searches etc, and they are using a really good solicitor (not a conveyancing call centre type arrangement), then yes, it’s doable, but you’ll all have to stay on top of things and really push.

Sorry the funds haven't come through, but good news on the new buyer! The searches might scupper you - as I understand it the previous buyer has to agree to sell them and if he's petty and ticked off he might not agree (even though it would work in his favour to recoup some of the costs). Is he aware you've found a new buyer?

Yes, we were ready to complete in 5 weeks but we ordered searches and survey before having our full mortgage offer, had decent high street solicitors who turned modt paperwork/enquiries around the same day and we spent considerable effort in pushing everything through as quickly as possible.

We lost our buyers and with our new buyers were able to get from offer to completion in 3 weeks. It did take everything working in our favour though - cash buyers, motivated to move at speed and the previous buyer willing to sell the searches. It made a big difference that they weren't having to get a bank involved in the process.

Good luck!

I did it on five weeks, but was advised not to buy searches from previous buyer who had dropped out, as I wouldn't be oriented if there was a mistake or oversight in them. Now, after buying snd selling over 20 properties I've never hadca problem with searches, but that was her recommendation (this goes founle for survey too ).
But my solicitor was the main readin I did it - despite being instructed the same week she was trying to get her other clients over tgecstamo duty deadline, she reviewed the land registry details and ordered searches and provided reports as they cam back, rather than wait fir ibe big report inbthe end.
Management packs are a huge reason for delays, but as they are just reports would think they are transferable (and the seller usually pays for these anyway).

We put an offer on a house (which was accepted) on 9th June 2021, exchanged and 29th and completed on 30th. We were cash buyers, there was no onward chain, and it's a 30s house in an established area, so no search concerns were anticipated.