Purchasing a new build - conveyancing searches

kobonet

Hi,

I am a first time buyer and purchasing new build from the developer.
It's a cash purchase so searching is optional.

I'm wondering what searching is recommended and what can be avoided?

It's a small development with only 18 houses. Some of buyer has already exchanged contract so can I assume there should have no problem and avoiding paying for the searches?

Thanks,
Victor

Richard_Webster

You can do a basic (High/medium/low risk for various factors) environmental search on the whole postcode at http://www.homecheck.co.uk/Welcome.do;jsessionid=93AE71E437C8FE4B5F578833357A74F5. Some people do this and then only do the more detailed Environmental search if it shows an adverse reading for one or more factors such as landfill or previous industrial uses.

Beyond that it is difficult to say much more without knowing more about the kind of development and location.

Is there a new road, for instance?

Is there any land nearby that might be developed and whose development might affect the value of these houses?

Flat_Eric

If you were getting a mortgage, your lender would want all applicable searches to be commissioned. I don't see why the situation should be any different just because you are a cash buyer.

You don't say where the property is but the outlay for all searches would I guess be a few hundreds of pounds. When you compare the cost of the searches against the price you are paying for the property, surely there can be no indecisiveness about whether to carry out the searches just to save a few pounds. You no doubt want to be sure that the money you are paying for the property is going to be well invested and carrying out all recommended/necessary searches will enable you to reach an informed decision about whether this will be the case.

I note you say someone else has exchanged contracts thus everything must be in order - no need for you to undertake any yourself.

Unless you have seen their search results then I personally wouldn't take that view because something might have come up that they have accepted which might be an issue for you.

Its also worth bearing in mind that the various searches will reveal stuff that will typically be revealed when any future buyer decides to buy the property (off you) - so by undertaking the searches yourself at the outset, you can be sure that you are not going to get a nasty surprise when you do sell and that could possibly impede on the sale price / the property selling at all.

G_M

If you fully understand what each search will reveal and tel you - then you sould be able to decide for yourself which ones are important to you.

If as seems the case you do not fully understand, don't do your own conveyancing. Instruct a solicitor, go in and talk to them and follow their professional advice.

Or read here.

Thefunkygibbons

Pay for the searches

We are buying new build and it is a cash purchase, so no need for a survey, but £360 for searches seems a small price to pay given we do know know the area

Richard_Webster

I agree with a lot of the comments which say broadly:

1. You are spending a lot of money so the saving is negligible; and
2. Those who went ahead might have been told things you wouldn't like but they accepted
3. When you come to sell your buyers will probably do the searches and raise any issues that come out of them that you wouldn't know about not having had them done yourself.

I suppose as a solicitor whilst I would always advise people about the risks of not doing searches, I am conscious that some people think that some searches are not really necessary. So my line in estimates is that all the searches I normally do will cost £X - typically about £260 - but in some cases they can make savings by not doing some of them if their lender doesn't require them. I do them all unless they clearly tell they only want the minimum.

martinthebandit

kobonet wrote: »

........... Some of buyer has already exchanged contract so can I assume there should have no problem and avoiding paying for the searches?

You could always save yourself a few quid and ask one of those that have already exchange to show you their search results for a nominal fee.