GET IT RIGHT FIRST TIME: Sarah is here to help first time buyers get to grips with the conveyancing process. Having explained the search process last month, she now discusses optional checks that may be useful, depending on your circumstances…
Other than the standard searches, are you likely to look at anything else?
In addition to the four main searches we discussed last month, the following can be carried out if you and your solicitor think they are necessary:
- Chancel and repair: This search reveals whether your property could be made to pay towards maintenance of the local church’s chancel. In a recent case, the owners of a cottage had to fork out £185,000 plus VAT to assist with repairs. Every property in England and Wales falls within a parish and therefore, has a minute but actual, possibility of having some responsibility towards the chancel. Information, however, is difficult and expensive to find and a clear result is unlikely. Instead, it may be prudent to put indemnity insurance in place to cover chancel repairs and you should discuss this with your solicitor.
- Common land search: This would be relevant if you are buying a property adjacent to common land or a village green.
- Cheshire brine extraction and Cornish mining searches: These would only be required if you are buying in either area.
- Plan search plus: This gives detailed information about a property’s surroundings. For example, any planning applications that have been submitted, details of telecom masts, footpaths and rights of way and information on local housing and population. You might consider it if you are moving to a new area and want to know more about the locality.
- Flood risk search: This will reveal if your property is at risk of flooding. It would also be relevant if you are researching buildings insurance, as providers charge a premium in affected areas.
Your solicitor will forward to you a legal report highlighting any issues that have been revealed by the relevant searches, together with reports or enquiries you need to carry out before proceeding with your purchase. They will remain valid for between three and six months, depending which mortgage lender you are using.
Do I need to have a survey carried out?
It is not obligatory, but may be advisable, particularly if you are buying an older property. Your solicitor will be able to recommend a local registered surveyor who will visit the house and undertake a physical inspection of its condition. Most surveyors offer three types of survey. The most basic is a RICS condition report. This gives traffic light ratings relating to different parts of the property. It is most suitable if you are buying a relatively new home with no previous structural issues. The middle option is a homebuyer’s report and this tends to be the most popular. It is more detailed, highlighting problems such as damp and subsistence and includes advice about necessary repairs, ongoing maintenance and anything that does not meet current building regulations. The survey takes two to four hours to complete and generally includes a market valuation and rebuild costs. It is the standard choice for properties that appear in reasonable condition. A full structural survey provides a comprehensive assessment of the property. It lists defects and advises on maintenance and repairs, including projected costings and timings for work If required. The surveyor will be more hands on, checking things like the attic and underneath floorboards. It is a good option if you are buying a house that is more than 50 years old or in poor condition. There are no hard and fast rules about which one you should select and it is important to note that a survey is different from the mortgage valuation. This is carried out on behalf of your lender and only confirms the property is worth the amount you are asking to borrow. It is often referred to as a survey, but will not tell you anything about the condition of the building.
