The ‘Ins’ and ‘Outs’ of Conveyancing Searches
The process for buying and selling a house can be a tricky one, and as your conveyancers, we do everything in our power to make the process as quick and easy for you as possible. In this blog, I break down some common questions about conveyancing searches:
1. What are they?
2. How long do the take?
3. How much do they cost?
4. And most importantly – do you really need them?
What are Conveyancing Searches?
It is important that before you become contractually obliged to buy a property that you know as much about it as you can. Caveat emptor applies and that means “buyer beware”. The buyer alone is responsible for checking the title to the property, raising enquiries and carrying out appropriate searches.
At Timms, we know that our clients want to know anything that may affect their property in future and conveyancing searches are enquiries that we make with different organisations that hold information about the property and where it is situated.
The objective of the searches is to find out important information about the property and the nearby area. They can uncover problems that you would otherwise not known about and which could make your purchase a costly mistake.
How long do Conveyancing Searches take?
This is one of the most frequently asked questions and a concern to clients. Unfortunately giving specific time scales can be tricky as different organisations are involved.
Once you have instructed us, we will order your searches as soon as we receive the title plan of the property. Most basic searches are completed in under 10 days, and we will report on their contents very quickly.
The search that causes most delay is the Local Authority search. In some areas it’s not unusual for them to take over six weeks. This is especially a problem during busy periods, such as now, as more people take advantage of the Stamp Duty Land Tax Holiday.
How much do Conveyancing Searches cost?
The good news is that searches only cost a few hundred pounds although the consequences of having to rectify unexpected issues could be costly.
When you contact us for a quote, either by calling the number at the top of your screen, or clicking the “conveyancing quote” button, our team will let you know what you can expect to pay for your searches. We appreciate that our clients don’t want any hidden or surprise costs, and if additional searches are required due to the location of the property, we will let you know as soon as possible.
Do I really need Conveyancing Searches?
In our opinion, yes. However, they are not always strictly compulsory.
If you’re taking out a mortgage, then it is likely that searches will be a condition of your funding. This is because your lender may need to repossess the property and will want to make sure that there are no lingering issues or matters that adversely affect their security.
You can check which searches your lender requires when you get your mortgage offer.
If you are buying with cash, then you don’t have the requirements of a bank to contend with and you can order whichever searches you want. Beware though – the savings you make could end up costing you thousands of pounds in the long run or could really affect your enjoyment of the property and your future plans for it.
Conclusion
Searches are a complex part of the conveyancing process. If you’d like to know more then check out my next blog where I break down the more common searches or feel free to contact any of the Conveyancing team on freephone 0800 011 6666 or via email at legal@timms-law.com.
Matthew Light
August 2020