What are 'Searches' ?
Searches are reports that contain information from a Local Authority, Water Authority or Environmental Data Supplier that could adversely affect the property you wish to buy or sell.
They are always needed by a solicitor or conveyancer when acting for a purchaser buying with a mortgage, as the mortgage lender will insist on ensuring that the results have been seen prior to exchange of contracts so as to ensure that their lending risk is minimised. Given the importance that a Lender placed on them, they are equally important to the buyer given the risk that they would otherwise be taking.
Searches have traditionally been ordered by a Solicitor / Conveyancer by using the purchasers funds to pay for them at a point in the process that they feel ready or comfortable to buy them. Sometimes they are not ready to place an order for several weeks which can delay the buyer getting to see important information that could affect whether they wish to proceed or not. In the meantime, costs are mounting up as money is being spent on surveys, mortgage reservation fees and putting legal representative in funds.
By paying for and ordering your own Searches, you will see the results sooner, make smarter decisions and help to speed up the transaction.
Why you should take control?
So you have agreed, or are about to agree, to buy a property and already you are feeling the pressure to get on with the purchase. You have shopped around and found a Solicitor / Conveyancer, or, been introduced to one by the Estate Agent or your Mortgage Broker and have been provided with quotes.
But just how much of that quote can you influence?
Things that are marked on the quote called disbursements are products that your Solicitor buys from a third party supplier. The prices of some of these disbursements will vary from Solicitor to Solicitor because they have different suppliers with differing commercial terms. So why should you be told where to get your Searches from? You are paying for them after-all.
Invariably payment is taken from you by your Solicitor to cover a few costs such as requesting a Land Charges Search, as well as ensuring that they have funds on account to pay for your Searches when they feel the time is right. The Solicitor will place an order for those Searches as soon as they receive a contract pack from the Sellers Solicitors (if they are on the ball) and then will receive those Searches between 1 day and 2-25 weeks later, depending on the Local Authority or supplier that they are using.
Unfortunately, 'you' are unlikely to see the results of the Searches, that you have paid for, until such time as the Solicitor reports to you; which will be just before you legally commit to the purchase. A little late in our minds.
Why don't you get to see them sooner anyway?
Your Solicitor, is also working for your mortgage provider. They will check the Search results to ensure that they meet with the Lenders requirements so that they are happy to lend the money for the purchase and take all the risk that comes with that. But shouldn't you want to know the results as soon as possible so that YOU can decide whether you want to continue to buy the property?
There are a number of Searches that will be obtained on your behalf that will be returned within a day or two. But you won't get to see them until much later in the process. These can include a Ground Report and an Environmental Report, both of which contain information that will ensure that you are totally aware of what you are buying.
Consider it like a multi point check on a used car, but, unlike a survey that considers the structure and condition of a property, these reports tell you about the environmental impact and ground stability of the property location. DO NOT BE FOOLED that the current owners or the new build developers have actually looked at what lies beneath, or whether they are aware of any risk of flooding, Radon Gas or Ground Instability issues. But you can be.
Consider when buying a second hand car from a stranger. Most people will get an HPI check and a report from the AA or RAC to look at the condition of the car before they commit to the purchase. That car may be £800 or £20,000. A property is considerably more expensive and yet adequate checks about the ground and environment are not looked at early enough in the buying process to ensure that you, the purchaser, is adequately informed.
What are the recommended reports to consider?
At Property Searches Direct, we recommend that every buyer at least obtains a HomeCheck Pro Environmental report or considers the Envirosearch Residential report (the latter is contained as standard in our Residential Search Pack).
These are comprehensive and easy to read reports that cover key areas of importance.
Contaminated Land - offering peace of mind that the land that the property is built on is free from contamination that can seriously affect value and mortgage-ability
Flood Screen - (Full Flood report in the Envirosearch Residential) better to know whether the property is at risk of flooding from rivers, coastal waters or surface water and ensure that Insurance is available and affordable. You don't want to be getting your feet wet watching TV.
Ground Stability - Is the property at risk of mineral extraction activity or in an area where properties have suffered from movement? (Man-Made (Mining) or Natural factors (Geological))
Radon - Is the property located in a Radon infected area? Radon is a Radioactive Gas occurring naturally in rocks and soils. It can't be seen, felt, heard or tasted, but is a major cause of lung cancers.
Other Influential Factors - is the property affected by restrictions as a result of Sites of Specific Scientific Interest, Special Protected Areas, Ramsar Sites, National Parks and many more.
In the Envirosearch Residential you will also get an Energy & Infrastructure report that will cover HS2, Fracking, Solar and Wind Farms within the vicinity of the property.
These reports all come with a Professional Opinion and Recommendations and are covered by a Professional Indemnity (PI) cover of £10 million. They are compiled using the best available data from the industry, such as the Environmental Agency, JBA Consulting as well as Landmark's unique and extensive data.
In addition, the Envirosearch Residential comes with:
- Free ‘Further Action’ risk re-review service
- £150,000 Contaminated Land excess free remediation contribution
All reports can be found in our shop in our packs and are usually returned within 1-2 working days and will be emailed to you as soon as they are complete. Our hazard Checker will confirm which pack to buy.
The great news is, that once you have your environmental report, you and your Solicitor will only need a few more reports for their files to satisfy your mortgage lender and they are contained in the remainder of the pack order.
Local Authority Search
Drainage & Water Search
Ground Report (containing a Con29M Mining report)
Chancel Indemnity Insurance (FREE with Pack Purchases)
The EVEN BETTER NEWS is.... If you buy a complete Search Pack from Property Searches Direct, you can add our Search Fee Guarantee for £15 for which we will insure your pack purchase and provide you with a second pack FOR FREE, if your purchase falls through due to any situation out of your control. It doesn't get any better than that!! See here for further details
Other specialist Searches and reports are available on request.
CLICK to download Sample Documents