A house is most likely the most costly purchase you will ever make. Before you part with hard-earned savings and take out a mortgage, you must ensure the property is a secure purchase without any legal, safety or environmental issues that could significantly devalue the property. To uncover this information, you should pay for conveyancing services.
Discover what conveyancing and property searches are used for and how they can affect a mortgage application in this guide.
What are conveyancing property searches?
Conveyancing property searches are a type of search that can be done by a solicitor or an individual who is looking to buy or sell a property. This search will provide details about the property’s ownership and title.
Conveyancing property searches are performed as part of the due diligence process prior to agreeing to acquire a property. These searches seek potential problems with the property’s legal title, current debt, and a variety of environmental difficulties. These searches underscore the risks of purchasing a home before it is too late.
Who does the conveyancing?
Any qualified UK solicitor can do the conveyancing required for a property purchase. However, some solicitors specialise in this area with years of experience and are less likely to miss something within their searches.
You can complete your own conveyancing property searches without legal support. However, this is not recommended. You could miss something without extensive knowledge and make a big mistake buying the property.
Are searches necessary when buying a house?
It is necessary to complete conveyancing work to prevent buying an overvalued or dangerous property. Some mortgage providers are unlikely to give you a mortgage without conveyancing work completed prior.
When are searches ordered?
Searches are ordered after getting a mortgage in principle and accepting your purchasing offer. They should be completed before ordering a property survey. This is because issues identified within the conveyancing are likely to stop you from buying the property at all, and you, therefore, don’t want to have already spent money on surveyors.
What to look for in searches
All the findings of conveyancing are important. Some may force you to withdraw your offer, while others may make you adjust your offer based on the information provided. Your solicitor should bring to your attention the main findings of the search and provide a recommendation once their work is completed.
How Long Do Property Searches Take?
Water, environmental and coal mining searches are swiftly completed in just a few days. The local authority search includes more work and can take anywhere between two to six weeks on average.
How Much Do Searches Cost?
Conveyancing searches can cost anywhere from £200 to £1,000+ depending on the experience of the solicitor you use in this area and based on how many additional searches are recommended to you.
Of course, if you do it yourself, it will not cost you anything aside from your time – or it could cost you thousands as you make a mistake buying a property you should have avoided.