Conveyancing Myth Busters No. 3
“Searches cost a lot of money! Do I really need them?”
If you are purchasing a property with the assistance of a mortgage in most cases lenders will require certain property searches to be carried out as they want to make sure there is nothing which might affect the property’s value before they offer you a mortgage.
If you are a cash buyer it is not obligatory to have searches carried out but we would recommend you do except in exceptional circumstances.
The search results from local, environmental and drainage searches provide information as to whether there are any issues you need to be made aware of, eg. contaminated land, flooding, planning permissions or restrictions and which may cause problems if you sell the property in the future.
They also provide information about who maintains roads and paths nearby.
In certain areas specific additional searches are required – for example, coal mining, tin mining and near railway.
If you are purchasing in an area where there is mining there are additional searches that can be obtained relating to this.
The time it takes to get the results of the searches depends on which local authority serves the property you are purchasing. They are submitted electronically but generally the results take about two to three weeks to come back.
Your solicitor will report to you on the results of the search and advise of any issues that may have been flagged up.
