PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Are searches always necessary when buying a home?

Options
SpanishBlue
SpanishBlue Posts: 593 Forumite
Name Dropper First Post Photogenic First Anniversary
in House buying, renting & selling
I know some cash buyers in certain circumstances choose not to get a survey done when buying a house, but how common is it not to get the searches done?


You can easily pay £200 or more for searches. Would you be mad not to get them done if you have found your dream property in an established residential area and have already made up your mind that you are going ahead with the purchase regardless?
«1

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    Probably just as common to not get searches done as not get a survey done.


    If you know the area well and are a cash buyer they can be a waste of money.
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
    Name Dropper First Anniversary First Post
    Options
    Slithery wrote: »
    If you know the area well and are a cash buyer they can be a waste of money.

    But in the grand scheme of things and all the money you're spending on buying somewhere, they're a drop in the ocean.

    I appreciate that 'every little helps', but there's a fine line between that and knowing the cost of everything and the value of nothing....
  • buggy_boy
    buggy_boy Posts: 657 Forumite
    Options
    I have bought without a survey or searches, firstly if you have a mortgage then you will need to have the searches.. The reason I did not do searches is I was buying cash and I had already bought a few houses round the corner so a lot of it was covered by those searches.

    I also know the estate as family have also bought in the estate and the builder I use lives in the estate so we know exactly what all the potential problems are and what to look for and what to expect.

    For most purchases searches will be needed and I would suggest unless you are pretty hot on buying or working on property you also get a survey done, especially if the house is pre-1960's.
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    First Anniversary First Post
    Options
    Many areas that you wouldn't automatically think of being within a coal mining area are often historically so.

    In relation to a mining search that also gives you an indemnity within the cost of the search that could prove valuable should you need the services of the coal authority regarding mineshafts.

    I appreciate this isn't a consideration for lots of people but it is very eye opening as to how many towns that you wouldn't normally think would be affected actually are.

    As with most things searches are a case of you pay your money you take your choice
    in S 38 T 2 F 50
    out S 36 T 9 F 24 FF 4

    2017-32 2018 -33 2019 -21 2020 -5 2021 -4 2022
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    I bought without a survey or searches. Survey because AFAICS the major constituent of surveys is "the bleedin obvious" and caveats, and searches because I lived 5 minutes walk away and knew the area. I was a cash buyer though.
  • sheepy21
    sheepy21 Posts: 221 Forumite
    Options
    My aunt bought my grandmothers house without doing searches, she was a cash buyer and we're local so it wasn't necessary
  • dunroving
    dunroving Posts: 1,881 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Different country but when I sold my first house in the US, the buyers didn't bother with searches based on the rationale that if there were any untoward issues they would have been discovered when I bought the house 3 years earlier. On the face of it that seems a reasonable position to take.
    (Nearly) dunroving
  • Smodlet
    Smodlet Posts: 6,976 Forumite
    Name Dropper First Anniversary First Post
    Options
    dunroving wrote: »
    Different country but when I sold my first house in the US, the buyers didn't bother with searches based on the rationale that if there were any untoward issues they would have been discovered when I bought the house 3 years earlier. On the face of it that seems a reasonable position to take.

    ... Assuming everyone is as decent and honest as you are, dunroving? Admittedly, I know nothing about house buying/selling in the US but guess it cannot be so different from here, is it?

    P.S. Please, just what the darn heck is "escrow"?

    Apologies if this is a "hijack", OP; good luck to you.
  • dunroving
    dunroving Posts: 1,881 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    From failing memory an escrow account is where money is held ready to be paid out on completion (closing). I vaguely recall that it's protected in a similar way to how renters' deposits are held in a protected account these days.

    I'd describe the US system as being about halfway between the English and Scottish systems in terms of complexity/straightforwardness.
    (Nearly) dunroving
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
    Name Dropper First Anniversary First Post
    Options
    Smodlet wrote: »
    P.S. Please, just what the darn heck is "escrow"?

    It's what google and wikipedia are for, that's what.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards