Do I have to have conveyancing searches carried out?
We would always recommend having conveyancing searches carried out, in order to aid your purchase. This is because, the searches provide a large amount of important information about the property and are an opportunity for matters requiring further attention, or those that pose a risk, to be identified prior to Completion and, where possible, to be rectified.
For cash buyers, searches are not imperative, however, where the property is being purchased with assistance of a mortgage, this will be a specific requirement of the lender.
Your conveyancing solicitor is required to act in your best interests, as the purchaser, however, also has a legal duty to the mortgage lender. The search results can, in some cases, reveal substantive risk, and your solicitor is required to disclose such risks to your lender, with your consent, in order that they are aware.
The main concern of the mortgage lender is that their security over the property is going to be protected, therefore, if there is anything in existence that may pose a risk to this, they need to know about it. Mortgage lenders will, therefore, insist that conveyancing searches are carried out.
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MG Legal's expert property solicitors are experienced in dealing with all aspects of residential and commercial property sales, purchases and disputes.