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A: Searches are a vitally important part of the conveyancing process. They are basically a series of checks made by the buyer’s solicitor to ensure that everything about the property is as it should be, so their client’s purchase can proceed without complication. Or indeed that any complications are ironed out, if possible, before the transaction can complete. Searches are an outside expense and therefore must be paid to the solicitor upfront.
There are four main types of searches:
1. Local searches. These are commissioned from the Local Authority and check things like planning applications and major changes in the infrastructure nearby; things that may affect the area and might influence your decision on buying that particular property.
2. Environmental and specialist searches. The Environmental search investigates any previous uses of the land to ascertain whether there is likely to be any contamination to the surrounding environment or threat to the property, including areas prone to flooding. Specialist searches tend to differ in different parts of the country, for example, in old mining territories or where there has previously been some sort of industry, higher levels of radon gas or Chancel Repair liabilities.
3. Land Registry searches. These provide all the necessary ownership information about a property and give details of the boundaries and any restricted covenants, as well as revealing any whether there are any debts outstanding on it or anything else of concern.
4. And finally, the Water & Drainage searches, which give information on how water is supplied to the property and details of the drainage and any public sewers that flow through the boundaries. These details may affect any intentions to extend, for example.
Delays can occur for any number of reasons. For example, although Local Authority data is being digitized, the process won’t be fully complete until 2025 so many searches still require the attention of council staff and as a result, local search times can vary enormously from one area to another.
There is of course also the possibility that the results of the searches could flag up issues that need attention before solicitors are satisfied the transaction can progress. The way forward will greatly depend on the nature of the issues, but solicitors deal with these things all the time and will advise accordingly.
We have years of experience with home sales as well as specialist sales progressors within our team. For more advice on searches or any other property-related matter, give us a call on 01392 204800.
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Join our Q&A with Graham - if you have a property-related question, just ask!
A. I understand your reasoning. After all, if the place you are renting suits your needs, why risk your savings on a home that may drop in value?
No-one can predict what the property market will do tomorrow, next week or next month. However, in the long term, property is always a good, solid investment.
Take a look at the attached graph - the latest UK House Price Index produced by Land Registry, which shows the average UK house price from January 05 to May 23. Indeed, the average price fell for the six months after its peak of £292,555 in September 22. However, this was in relatively small increments and the last couple of months have seen an upward turn.
More poignantly, you’ll notice that over the 18 years shown on the graph, every ‘blip’ is followed by a more significant upward swing, culminating in the value of property over the period increasing by almost 90%, from £150,663 in January 05 to £285,861 in May 23.
What is slightly more concerning however, is the increased cost of borrowing. Fact is, the base rate of interest had to rise to control inflation, which has been falling since its peak of just over 11% in October, to 7.95% in June, and mortgage lenders had to follow suit.
The current view among experts is that rates will have to go slightly higher in the short term (as demonstrated yesterday) but are then expected to lower. This has sparked debate among buyers, whether to opt for short- or long-term fixed mortgage deals.
I suggest you ask yourselves two questions:
1) are you both in secure employment? and
2) are you prepared to make a long-term commitment to your home?
If you can say ‘yes’ to both questions, then my advice is, go ahead and buy. After all, you’re in an extremely strong position.
However, be careful. Choose a property flexible enough to accommodate your future. Speak to a reputable IFA, who can find the best mortgage deal for your circumstances, and don’t overstretch yourselves.
We can help you to find a property and our financial advisor, Emma Hayes, will be able to guide you through the mortgage market. Give us a call on 01392 204800.
