Are searches necessary when selling a house?

What searches are required when selling a house?

No matter where your property is located, here are the three main searches you’ll need as a minimum:

  • Local Authority searches. This search highlights: Planning issues. …
  • Environmental searches. This search highlights: …
  • Water and drainage searches. This search enquiry is made to the local water company and highlights:

Are house searches a legal requirement?

Property searches are a crucial and necessary part of the conveyancing process – even though they are not a legal requirement for anyone buying a property.

Are local searches necessary?

Local Authority searches are an essential part of the home buying process. The information they reveal can be used to renegotiate your offer and may even make you pull out of the purchase. They are also required by mortgage lenders.

Can you complete a house sale without searches?

Whilst searches are required if you are purchasing with the aid of a mortgage they are not mandatory if you are a cash purchaser, as it is your own funds that will be at risk and not a mortgage lenders…. so it is your decision. But remember lenders ask for searches for a reason- to protect their investment.

IMPORTANT:  How do I buy an investment property as primary residence?

What do local searches reveal?

It will reveal details of planning and building regulation applications specific to the property, any enforcement action taken by the Council, of the nearest public highways, road and railway schemes, radon and contaminated land entries.

What happens after local searches come back?

When the search results are back, your solicitor will send a copy of them to you with a report summarising the main points. These usually take 2 to 3 weeks but the local authority search can take up to 6 weeks depending on the area and workload of the relevant local authority.

What the next step after searches in buying a house?

Once your mortgage has been approved and the searches have been completed by your conveyancing solicitor you will now be able to sign and exchange contracts which legally commits you to the purchase of the property. You will then be asked to pay the deposit, which is usually 10% of the property’s value.

Can local searches be fast tracked?

However, there are still many local authorities that do offer a fast track local authority option for an extra fee. Search turn around can be anything from 48 hours to six weeks, so If you are able to fast track, this might mean that the search would come back in 2 weeks instead of maybe 3 to 6.

How long do house searches take in 2020?

As a rough guide, searches typically take around two to three weeks to complete, but remember that their results may prompt your solicitor to make further enquiries.

IMPORTANT:  Is real estate lucrative in the UK?

How long does it take to exchange after searches?

The time between conveyancing searches and exchange of contracts is typically between 1 and 3 weeks. Although this may seem like quite a long time, you’ll be pleased to know that you’re on the home straight!

How much do searches cost when buying a house?

You’ll normally need a solicitor or licensed conveyancer to carry out all the legal work when buying and selling your home. Legal fees are typically £850-£1,500 including VAT at 20%. They will also do local searches, which will cost you £250-£300, to check whether there are any local plans or problems.