If I receive offer from a cash buyer would conveyancing cost me less?

12 replies

Lunapuf5 · 02/03/2023 19:23

So we just recently received an offer on our property from a cash buyer just before we were ready to accept another offer. Will the conveyancing cost me way less since the buyer doesn't need a lender/mortgage so there will be less searches etc? And are there less chances of the sale falling through? He is an investor and owns other 4 properties

OP posts:

LetThemEatTurnips · 02/03/2023 19:27

Not really because those costs are mostly on his side. There might be fewer queries for your solicitor to answer I guess. But cash buyer doesn't = no survey.

Pick the best bet, no point saving £500 if it falls through.

PennyForearm · 02/03/2023 19:34

We are currently making a cash purchase and still had a full survey and all of the usual searches.

I can’t see how us being cash purchasers benefits the vendor at all with regards to their solicitor costs.

pilates · 02/03/2023 19:42

senua · 02/03/2023 19:45

Will the conveyancing cost me way less since the buyer doesn't need a lender/mortgage so there will be less searches etc?
If you have appointed your solicitor then I should imagine that they will stick to the quotation that they have already given you..

CatOnTheChair · 02/03/2023 19:48

His fees will be (very slightly) less, and he might choose to save on searches and/or a survey.
But it will make no difference to you.

DanHamiltonCharlton · 01/04/2023 18:25

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NoBerryJamOnToast · 01/04/2023 18:37

Has no effect at all.

TwoLeftSocksWithHoles · 02/04/2023 07:44

Could there be an additional costs as your solicitor may have to establish the source of the cash to comply with money laundering checks?

Raindancer411 · 02/04/2023 08:26

The only effect it has is they do not have to wait for a mortgage offer, so saves some time with letter writing their side.

Frecklespy · 02/04/2023 09:19

Your buyer may save a little on their conveyancing fees as their solicitor won't have to deal with the lender/mortgage, so there would be slightly less work for them.

It would make no difference whatsoever to your fees because your solicitor is acting for you and their fees represent the work they do for you, not your buyer.

You may benefit from a quicker transaction though, as there would be one less third party.

Winemygoodenemy · 02/04/2023 09:29

I sold my house to a cash buyer. No savings to me. Just a quicker process. Quick to the point it’s too quick. No survey, just saw it, bought it and out in 9 weeks

Lcb123 · 02/04/2023 09:30

No it won’t cost you less. But there’s less risk than with a buyer who needs a mortgage (which they could struggle with).

Flip