Do I need to do searches??

flyer

I'm buying a flat for £50k on a 95 year lease. It's 4th (top) floor and the block was built about 50 years ago. I'm paying cash and am eager to complete ASAP.

Which, if any, searches would you recommend I carry out?

TIA

lisyloo

Do you have a solicitor or are you doing your own conveyancing?

flyer

I do have a solicitor and she is sending me a search disclaimer.

flyer

We refer to previous correspondence and note that you do not require us to carry out any conveyancing searches in relation to your property transaction. This letter is intended to advise you of our strong recommendation that you obtain, at the very least, a Local Authority search against the property. We would also respectfully suggest that you make arrangements to have a Homebuyer’s Survey undertaken in relation to the property in order to ensure that you are satisfied as to the structural integrity of the property and whether there have been any alterations or additions undertaken at the property, which would have required Planning Permission or Building Regulation Consent.

A Local Authority search would reveal the adoption status of any roads serving the property together with Planning Permissions, Building Regulation Consents, and more importantly, whether the property is affected by any Compulsory Purchase Orders or Enforcement Notices which could seriously affect the value and re-saleability of the property. We believe that it is a serious misjudgement to proceed to completion of this property transaction without the benefit of a Local Authority search. A personal Local Authority search can be commissioned for as little as £125.00 inclusive of VAT and will give you the reassurance that you are making a sound investment.

In the event that you are adamant that you do not wish us to carry out the appropriate conveyancing searches in relation to your property transaction, then we must insist that an adequate search indemnity insurance policy is put in place, in an attempt to provide cover against the serious adverse entries that may be revealed in the searches. The costs of implementing search indemnity insurance will amount to £70.00 inclusive of VAT for the policy. Our fees for implementing the policy and advising you in this respect will amount to an additional £50.00 plus VAT. You should also be aware that whilst the indemnity insurance policy will cover potentially serious adverse entries, any such entries may deter future purchasers and affect the future saleability of the property.

Please note that if you do not wish to proceed with the ordering of conveyancing searches or the implementation of indemnity insurance in order to facilitate legal completion of your property transaction, a search disclaimer fee of £60.00 plus VAT will be levied in relation to your property transaction. As delineated in our standard Terms and Conditions of Engagement, we would not recommend that you complete your property transaction without the appropriate searches and a Local Authority Search should be commissioned and scrutinised as a minimum in order to ensure that you are aware of any issues that may be revealed in such a search. Once you have contracted to purchase the property, you will not have a recourse of action in the event that you discover issues following legal completion that would have been disclosed in these searches.

Please confirm your preference in relation to the provision of searches. Any delay in commissioning searches my delay your property transaction.

davidmcn

Bit cheeky of them to demand an extra fee even if you instruct them to do nothing at all! I'd be intrigued to see whether their terms of business actually require you to pick one of these options.

DigForVictory

What does your mortgage provider require? As those tend to be a bit mandatory.

Takmon

DigForVictory wrote: »

What does your mortgage provider require? As those tend to be a bit mandatory.

People paying cash tend to not have a mortgage provider

flyer wrote: »

I'm buying a flat for £50k on a 95 year lease. It's 4th (top) floor and the block was built about 50 years ago. I'm paying cash and am eager to complete ASAP.

Which, if any, searches would you recommend I carry out?

TIA

lisyloo

I'd recommend you follow your solicitors advice.

flyer

davidmcn wrote: »

Bit cheeky of them to demand an extra fee even if you instruct them to do nothing at all! I'd be intrigued to see whether their terms of business actually require you to pick one of these options.

I can decline searches or the indemnity as long as I am aware of the "chronic implications" :rotfl::rotfl:

lisyloo

It does beg the question - If you think you know better than your solicitor, then why are you asking a bunch of random strangers for re-assurance?

SmashedAvacado

If you are paying "market" value for the property, then you ideally want to know you can sell it on the open market, which means, even though you don't need finance, you should ask your solicitor to give you confirmation that the property is bankable from a legal perspective - which means carrying out the usual diligence and enquiries. Saving a few quid now might sound smart but if you can't sell it because there's an issue with the title then you will feel like a mug.