Do lenders require you to have Conveyancing searches?

demontfort

I'm currently buying a leasehold flat. I've had no problems getting a mortgage AIP as I am financially very sound and the bank are now just having a final check of all my documents.

However I wanted to know if I have to any searches done as part of the conveyancing. I currently live in an adjacent flat plus I know the vendor quite well and it seems a waste of my money getting an LA, environmental, drainage search etc. I don't need to waste £50 to be told the flat down the corridor is connected to water and sewers. Nor do I need to waste another £100-£150 to be told a load of information about an area I know very well and that will have no effect on my decision to buy. Plus don't even get me started on chancel searches, I'm willing to save £40 and risk that the Bishop of Waltham Forest won't be popping round my flat with a begging bowl next year.

So all in all I'd happily save myself a few quid with zero risk. But will me not having these searches have any effect on whether or not I get the mortgage? Thanks in advance for your replies.

opinions4u

You won't get a mortgage without proper conveyancing.

zzzLazyDaisy

Your conveyancing solicitor also acts for the lender. You may not require these searches, but your lender will. So you are stuck with it - unless you are a cash purchaser, in which case you can do as you like.

dj.boz

Lenders will require it, to protect there money. If you were buying for cash you might get away with it (though any conveyance will / should advise you to still get it done).

ACG

As above, the searches are done for the benefit of the lender, not you - its their money at risk at the end of the day so theyre just protecting it as best they can.

demontfort

Thanks for all your responses I guess that's another few hundred quid down the drain (well at least I will know the drain is connected to the mains sewer), it's an expensive business this house buying lark. :rotfl::rotfl::rotfl::rotfl:

Goldiegirl

It'd be even worse if you didn't have searches done, and went ahead with the purchase only to find an adverse situation that searches would have flagged up!

demontfort

Goldiegirl wrote: »

It'd be even worse if you didn't have searches done, and went ahead with the purchase only to find an adverse situation that searches would have flagged up!

That's a very miniscule risk that I'd be more than willing to take but as other people have said the bank may not feel quite as comfortable. Well these searches must be a great money spinner for somebody and they certainly won't deal with the one and only risk the concerns me regarding this purchase which is "What is going on in Barry Hearn's fevered mind?"

Annisele

demontfort wrote: »

That's a very miniscule risk that I'd be more than willing to take but as other people have said the bank may not feel quite as comfortable. Well these searches must be a great money spinner for somebody and they certainly won't deal with the one and only risk the concerns me regarding this purchase which is "What is going on in Barry Hearn's fevered mind?"

One of the things searches show is whether the person you're buying the flat from actually owns it.

I accept that's less of a risk in your case since you know the vendor. But for all the lender knows, he might just be a tenant who has lived there for a long time.

demontfort

Well I've just checked on this with the Legal Team at my lenders First Direct and I was told that:

- It will have no bearing on my mortgage application
- They don't require any searches
- This is purely a private matter between me and my conveyancers

So since my conveyancers are working for me, I will be telling them on Monday not to arrange an LA, Drainage or Environmental search. So that's a couple of hundred quid saved .......job done. :rotfl::rotfl::rotfl::rotfl:

Thrugelmir

demontfort wrote: »

So since my conveyancers are working for me,

No, your conveyancer works for the lender as well. So will act in a professional manner that protects themselves.