Searches are a fundamental part of any property transaction, it's a case of caveat emptor, so as a buyer you need to find out as much as possible about your new home before exchanging, and a full range of searches should at least put your mind at rest or highlight problems.
A local search examination of the Local Land Charges Registry and checks with the local authority are essential on every purchase. It will reveal considerations such as road schemes, planning issues, and tree preservation orders to name but a few. An environmental search should also be considered in every case. This kind of search can highlight potential risks, such as the proximity of hazardous waste sites or subsidence, for example, that might affect the value and saleability of a property.
If a company is selling, a search at Companies House will confirm that it has the power to sell. A company search must also be carried out if a management company is involved in leasehold property.
A drainage search with the local water authority will confirm that the property is connected to the public drainage and water supply systems. After you exchange contracts but before you complete, a search will have to be carried out at the Land Registry, to make sure that details of the property's title previously supplied by the seller's solicitor are still accurate.
Your mortgage lender will also require a search to confirm that there are no outstanding bankruptcy orders or proceedings against you.
Philip Popeck is a partner at Curry Popeck, solicitors.
Call him on 0202 8907 2000, or email him at philipp@currypopeck.com.
|
