If you are buying a home with the assistance of a mortgage searches are mandatory. Conversely cash buyers can proceed without them – but in our view it would be ill advised to do so – despite the temptation to expedite what can appear a frustrating, and stressful conveyancing process. People are often surprised at the number of searches required to ensure your dream purchase will not cause you significant headaches down the line.
The searches include :
- The Local Authority
- Environmental searches
- The Land Registry
- Water Authority searches
Obtaining the various search results are necessary to establish any adverse issues which may impact on the property and ultimately whether you proceed with the transaction.
By reference to the scale of your investment, notwithstanding the mandatory fees to be paid, it is almost certainly money well spent. The results will either, give you peace of mind, or at least an opportunity to address the issue and proceed with your eyes open.
Perhaps the three most important searches are :
Local Authority searches, as they make reference to any planning permissions or restrictions for example and details such as the responsibility for maintaining the adjoining roads and foot paths.
Land Registry searches provides the evidence that the seller is legally entitled to do so and documents the extent of the property and land being sold, along with any applicable restrictions or covenants, associated with the premises.
Environmental searches, will establish if your home, is on a flood plain, or even built on contaminated land.
Knowing that in advance, may save you from having real difficulties selling the property yourself in the future if you decide to proceed.