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Are searches really required for a FLAT?
katy123
Posts: 365 Forumite
Hi
Background, we are looking to move fast to purchase a repossessed 1st floor flat (built 2000), cash purchase. the same flat above us was purchased in 2007 and the flat we intend to buy in 2008. THey were both on mortgage so my guess is that searches were done then. So, are they really required....it's not a house, a flat . Thanks. I was told by agent that without searches, completion can be quicker...but I have noticed that there are leasehold packs that the managing agent can take a while to complete and return. Many thanks.
Background, we are looking to move fast to purchase a repossessed 1st floor flat (built 2000), cash purchase. the same flat above us was purchased in 2007 and the flat we intend to buy in 2008. THey were both on mortgage so my guess is that searches were done then. So, are they really required....it's not a house, a flat . Thanks. I was told by agent that without searches, completion can be quicker...but I have noticed that there are leasehold packs that the managing agent can take a while to complete and return. Many thanks.
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Comments
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No searches, no mortgage.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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OP says she has cash for the purchase so I assume no mortgage required.0
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Highly likely that any future buyer would undertake searches. If there is underthing untoward. Then could affect saleability or value.0
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So you don't want to find out about new plans for a high speed railway line 100 metres from the place, the new bypass road ditto, expansion of the sex-offenders hostel, etc etc.
Nope, you don't NEED to do searches - any more than we don't NEED to have insurance on our house for if it burns down. Your choice....0 -
thanks for your resonses, it is a newish residentail development in chafford hundred, so there will be no plans for high speed rail, road bypass or sex offenders hostel....many thanks.....0
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thanks for your resonses, it is a newish residentail development in chafford hundred, so there will be no plans for high speed rail, road bypass or sex offenders hostel....many thanks.....
Fantastic: So, not having done searches how do you know that??? No, some might speculate that you don't know, that you are, they might suspect, guessing....
And you'll save how much by not running a search??0 -
And you'll save how much by not running a search??
Time, I guess but I wouldn't want to take the risk even if small.0 -
OK, if you are satisfied with that, you still need to think about your buyer if they come to sell. They will need a mortgage and they will need searches. And they may find the things you are happy to ignore. Searches finding nothing is money well spent.thanks for your resonses, it is a newish residentail development in chafford hundred, so there will be no plans for high speed rail, road bypass or sex offenders hostel....many thanks.....You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
thanks, as mentioned it would save me time to complete + £250 ish? Considering it is a flat and there's been loads of transactions in the last few years, i'm sure everyone thought the same and did the searches:).....happy to proceed.0
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brave decision katy! I wouldnt ever buy a place without a basic search.
are you happy with all the clothes you buy and didnt try on before you purchased? or do you take some of them back? same thing with flats (but on a much bigger scale).0
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