Cash Buyer – Should you Undertake Conveyancing Searches?
At GD Property Solicitors, we frequently receive inquiries from cash buyers, those who do not require a mortgage for property acquisition, questioning the necessity of undertaking conveyancing searches. While these searches are typically mandatory for mortgage transactions, they are optional for cash buyers, and the decision rests with you. Nevertheless, it’s crucial to note that GD Property Solicitors strongly recommends these searches for a specific reason – to safeguard your investment.
We advocate four key searches for our clients, and we highly recommend them for cash buyers. Below, you’ll find a concise overview of these searches and the specific issues they explore, ensuring a thorough evaluation of your potential property:
1. Local Search:
Conducted at the relevant Local Authority, the Local Search provides information on whether the roads serving the property are publicly maintained. It also discloses any Planning Permissions or Building Regulations concerning alterations to the property. This search helps verify the necessary permissions for known alterations, ensuring a comprehensive understanding of the property’s status.
2. Drainage Search:
Performed with the Water Authority, the Drainage Search informs you about the maintenance of sewers serving the property at public expense. It confirms the presence of all required sewers and checks for a public sewer within the property’s boundary, influencing potential future development. This search is critical for assessing the property’s infrastructure and potential implications.
3. Coal Search:
Conducted by the Coal Authority, this search determines if the property is situated in a historically mined area and assesses associated risks, such as subsidence. It also provides insights into any insurance claims related to subsidence issues. Understanding the property’s mining history is crucial for anticipating potential problems and ensuring informed decision-making.
4. Environmental Search:
Carried out by a reputable risk management consultant firm, the Environmental Search assesses environmental risks, including contamination concerns and flood risk. It provides valuable insights that prompt further investigations, ensuring you are aware of any potential hazards associated with the property.
As a cash buyer, you hold a significant advantage, but it is advisable not to overlook these searches. While the cost may be a few hundred pounds, the consequences of bypassing them could lead to financial losses totaling tens of thousands or more. Safeguard your investment by considering these searches an integral part of your property acquisition strategy. At GD Property Solicitors, we prioritise your peace of mind and financial security.
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