What are conveyancing searches.
- August 17, 2015
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Searches look for potential problems such as restrictions, benefits and conditions which may affect the property and ultimately the buyer’s use and enjoyment of it. All buyers must order searches because of the legal principles such as ‘buyer beware’ and ‘sold as seen’. The Law assumes the buyer will have seen problems the searches would have revealed, has they been ordered. Whilst there are two mandatory searches costing about £250 or less (Local Authority search and Water search), the buyers’ lender (or the prudent buyer) may require additional searches. There are some 60 optional searches but there are three common optional searches which most buyers will take out to better protect them against loss: Environmental search (looking for dangerous substances under or near the property); Flooding search (to satisfy the lender insurers, even if the property is not near a river) and ‘Chancel’ search (which risks losses into the tens of thousands of pounds)