Do you have to do searches when buying a house?
Whilst searches are required if you are purchasing with the aid of a mortgage they are not mandatory if you are a cash purchaser, as it is your own funds that will be at risk and not a mortgage lenders…. so it is your decision. But remember lenders ask for searches for a reason- to protect their investment.
Are conveyancing searches necessary?
In summary, no conveyancing searches are not always necessary. If you are a cash buyer and you know the area very well, you may decide to proceed without searches.
How long do searches last when buying a house?
Conveyancing searches are valid for six months. If your purchase still hasn’t gone through, you should consider having new searches carried out, to ensure the information within them is fully accurate and up-to-date.
How important are local searches when buying a house?
The Local Search is very important as it will confirm whether the appropriate permissions were granted for the construction of the property and any subsequent alterations or extensions. It will also highlight any issues affecting the property.
What happens after searches are done when buying a house?
Once your mortgage has been approved and the searches have been completed by your conveyancing solicitor you will now be able to sign and exchange contracts which legally commits you to the purchase of the property. You will then be asked to pay the deposit, which is usually 10% of the property’s value.
Most Local Authority Searches will take two to three weeks, however this can vary from a few days to several weeks, depending on the local council. In exceptional cases, if a local authority is suffering staff shortages, it it can take six to eight weeks.
How long do conveyancing searches take?
How long do conveyancing searches take? As a rough guide, searches typically take around two to three weeks to complete, but remember that their results may prompt your solicitor to make further enquiries.
Can local searches be fast tracked?
However, there are still many local authorities that do offer a fast track local authority option for an extra fee. Search turn around can be anything from 48 hours to six weeks, so If you are able to fast track, this might mean that the search would come back in 2 weeks instead of maybe 3 to 6.
How long does it take to exchange after searches?
The time between conveyancing searches and exchange of contracts is typically between 1 and 3 weeks. Although this may seem like quite a long time, you’ll be pleased to know that you’re on the home straight!
What do searches mean when buying a house?
‘Searches’ or ‘property searches’ are completed by your solicitor. They work with the local authority (and other organisations) as part of the home buying process. They use these to find out any information about the property. As well as any local development plans that may affect the home you plan to purchase.
How long do drainage searches take?
How long does the water and drainage search take to come through? This search is normally returned within 48 hours and sometimes within a few hours on the same day.