Different types of Property Searches within the home buying process!
There are a variety of different property searches that your solicitor or licensed conveyancer will carry out on your behalf during the course of the home-buying process.
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Below we take a closer a look at the different types of Property Searches involved in the home-buying process, their costs, together with who is responsible for arranging property searches when you are buying a new home. We'll also point you off to more detailed pages where appropriate and also take a look at how Shire Direct can help arrange a mortgage or remortgage.
Table of Contents:
Different types of Property Search explained
So as we discussed above, there are numerous different property searches that your Mortgage Solicitor or Licensed Conveyancer will carry out or instruct on your behalf during the course of the home-buying process.
The main searches that your conveyancer will undertake, include:
- Land Registry Search
This search confirms the current ownership of the property, and that those selling it are entitled to sell it. Also revealed will be any covenants that are associated with the property.
- Local Land Charges Search
This search will reveal as much about the property and its surroundings as possible, such as whether the property is a listed building, if there are tree preservation orders, and whether or not it's located in a conservation or smoke-controlled area. Local plans for the area are also disclosed, together with planning decisions that may affect the property.
- Environmental Search
This reveals any environmental information relating to the area and property. - Water and Drainage Search
This search is now a requirement with all house purchases, and is provided by the local authority. - Coal Mining Search
If you are buying a property in a coal mining area, or an area that was formerly subject to coal mining, then a Coal Mining Search will have to be obtained from the Coal Authority. This will reveal the affects of mining and subsidence activity on the property, and whether or not any compensation claims have been paid. - Land Charges Registry (Plymouth) Search
If the property you are purchasing has not previously been subject to compulsory registration, then your conveyancer will apply to the Land Charges Registry in Plymouth. Details here are contained by the owner's details rather than the property. - Bankruptcy Search
Before agreeing to release funds to assist you in the purchase of your property, the mortgage lender will require your conveyancer to undertake a Bankruptcy Search. Discharged bankrupts may be able to obtain mortgage funding, although undischarged bankrupts cannot usually borrow.
Is there a cost for property searches?
'Fraid so!
Land Registry search costs are usually only a few pounds, although local searches, depending on the local council, usually cost in excess of £125! The current cost of Coal Mining searches is about £20.00.
Can Shire Direct arrange the appropriate property searches for me?
Applying for property searches is the responsibility of your mortgage solicitor / conveyancer.
From the property searches they will produce a Report on Title for the lender.
However, if you haven't appointed a solicitor to act on your behalf, we do have panel solicitors who would be happy to act on your behalf. Furthermore, we have negotiated fixed conveyancing and legal charges for our customers. One of our mortgage advisors will be more than happy to provide details for you.
Looking for further mortgage information and advice?
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We'd love to discuss your mortgage requirements with you, and would be more than happy to discuss the options open to you. Naturally we'll carefully assess your circumstances, needs, requirements and aspirations and come up with the most appropriate solution for you.
You'll find our service to be friendly yet professional, helpful and not in the slightest bit stuffy! Please don't hesitate to Contact Us if you would like to discuss your requirements, naturally without obligation! Our mortgage advisors are available on Freephone 08000 282 281 up to 10.00pm everyday, or enquire online at any time, and we'll be delighted to provide you with an in-principle mortgage decision - whatever your circumstances!
So that wraps up our look at Property Searches, we hope we've managed to give you a little bit of insight as to why they are necessary. Don't forget we're only ever a free telephone call or a couple of mouse clicks away if you feel we can be of assistance, and we'll be delighted to help in any way possible.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
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