No, it’s not a reference to Oscar Wilde, nor is the subject of property searches to be trivialised…
The onus is on you!
Buying a property is governed by the principle ‘caveat emptor’ otherwise known as ‘let the buyer beware’ therefore it is important to find out as much as you can about the property you intend to buy.
Why do we carry out searches?
Obtaining searches is a large part of the due diligence that Jordans Solicitors will carry out on your behalf when investigating the property you wish to buy.
Best practice is to undertake them on all purchases but they will be mandatory if you are obtaining finance from a lender.
A standard set of searches Jordans Solicitors tend to obtain include the following:
– Drainage and Water Search;
– Local Authority Search;
– Coal Mining Search – if the property is in a coal mining area;
– Chancel Search; and
– Environmental Search.
Further more detailed searches can be obtained should there be a specific concern at the property.
For example, flood or planning searches and various additional enquiries can be raised with the Local
Authority if there is a concern about a public footpath or to check whether any gas pipes cross the boundary of the property.
When should searches be carried out?
Searches should be carried out at an early stage of the process, this helps to ensure that any questions and queries that need to be raised as a result of them can be raised with the seller’s solicitors as soon as possible.
The aim of searches is to provide information about the property which you wouldn’t be able to obtain from simply viewing it and in-depth and thorough searches are always advised.
Purchasing a property is a large investment for both individuals and businesses, therefore it is imperative to find out about and address any issues revealed by the searches at an early stage.
It is important to ensure you are have all the information in order to make an informed decision about proceeding with the property, ensuring the valuation and re-saleability are not affected by any irregularities revealed by the searches.