Searches are crucial and will provide the buyer with further information about the property to provide a complete report about the property itself and its surrounding environments. There are many different searches which can be carried out and these often depend on the location of the property.
When purchasing a house, Hodgkinsons usually order three searches which are:
- Environmental – The property is searched for any contamination which may result in costly removal. Generally, the search highlights any environmental issues within a 500-meter radius of the property, one example commonly known to Lincolnshire is flood risk.
- Local Search – Various information will be obtained from the local council. This may include information on plans for new road schemes which may affect the property or nearby contaminations.
- Private Water & Drainage – A search will be carried out for mains water and drainage, where these systems are located and whether they could affect the property in the future. Information will be provided by the local water company such as the position of pipes.
Once searches are received, the Solicitor will raise any further enquiries with the seller’s Solicitor. Satisfactory responses will be received and the Solicitor will report any findings about the property to the buyer and make them aware of necessary aspects.
By carrying out searches it ensures that the property is without faults and by carrying out these searches through official agencies, accuracy is guaranteed. If searches are not carried out and a problem is discovered after the sale has gone through, there is no recovery. If the buyer is not in favour of having searches carried out, by taking out indemnity insurance they will be provided with some protection if errors arise.
Whether you are purchasing a house using cash or a mortgage, it is highly recommended that searches are carried out. Purchasing a house is a substantial investment, therefore, it is important that you are aware of what you are purchasing and any problems which are present or may arise which might potentially affect the property.
The cost of property searches often varies from Solicitor to Solicitor. At Hodgkinsons, Skegness, our Residential Conveyancing Team will be happy to provide you with a free estimate on the likely costs. To speak to a member of this department, contact 01754 897150.