So there I am riding the bike back home from buying it and it's stopped....dead

It had started run fine, after 5 miles or so I pulled up at a set of lights and the engine cut out instantly. No funny noises, the temp gauge was way down the cool end. Tried to restart and there's nothing, niente, nada, no starter, no relays clicking when either turning the key or pressing the button (should there be?). The lights don't look all that bright but even with the battery down a bit I'd expect to hear something.
I checked the fuses under the pillion seat and they are fine. Flicked the run/stop switch a few times, ignition on and off, wiggled the wiring I could find - all the usual stuff you do at the side of the road in between scratching your head. Oil and coolant are fine, you might as well have a look whilst stood there like a lemon!
The engine turns over when pushed along in gear so it's not seized. Fuel aplenty and tried the tap in both on and res positions.
The only thing that seemed at all unusual was the revs stayed high just before it stopped - but the throttle return seems a tad sticky so it doesn't snap back smartly, that could possibly explain it.
It feels like an electrical issue with the suddenness of the stop, no spluttering etc which might suggest a fuel issue. from what I've read here the reg/rec issue doesn't tend to be instantaneous. Does anyone have any thoughts on a possible cause?
I have to say the guy i bought it from was a star, he came out with trailer (has a garage full of other bikes) and helped me get it to work where it is now. He's offered to pay for the fix so I don't think it's a case of him ditching a wrong'un.