How Long Do Property Searches Take (2022)
If you’re thinking of buying or selling property, no doubt you’re wondering how long do property searches take (2022). There are several different types of property searches available and they all take different amounts of time. We’ll cover everything you need to know about property searches, so you can have an idea of what to expect.
Also read: What Are Searches When Buying a Property?
What are Property Searches?
Property searches are an essential piece of the puzzle when it comes to real estate transactions, providing valuable information about the legal status of any potential purchase. Property buyers can benefit from learning more about zoning regulations, current or future construction plans, and access to public utilities. The search process may span anywhere between 4-6 weeks. They can span even longer based on external factors such as national holidays. Property searches are a critical part of purchasing property and have the potential to shape a buyer’s decision during their property search journey.
Also read: The Cost of Buying a House and Moving
Types Of Property Searches
Property Searches are an essential part of making sure that a sale or purchase goes as expected. Every transaction must include four main types of searches; local authority searches, environmental searches, drainage & water searches and mining & chancel repair liability searches.
Each search has an important purpose in its own right; the local authority search will make sure there are no planning breaches, environmental searches will check for any contamination on the land and so on.
Property searchers can therefore be viewed as a safety net to stop any hidden surprises arising further down the line. Investing time into property searches before a purchase is therefore hugely beneficial for both parties involved. It ensures the transaction runs smoothly and with peace of mind for all involved.
Local Authority Searches (LLC1)
This type of search looks at planning permission, building regulations and other factors related to your local council’s policies that could affect the value or desirability of your property. This search usually takes between 2-3 weeks to complete and should always be done before any offer is accepted on a property.
Environmental Searches (Con29)
This type of search looks at whether there are any environmental issues in the surrounding area that could affect the value or desirability of your property such as contaminated land, flood alerts etc. This type of search usually takes between 1-2 weeks to complete but can take longer if more detailed information is needed from specialist bodies such as the Environment Agency or Natural England.
Drainage & Water Searches (Con29O)
This type of search looks at water supply including public sewers, groundwater sources and mains water supply as well as any potential issues with flooding in the area which could affect your home’s value or desirability. This type of search usually takes around 3-4 weeks to complete but can take longer if more detailed information is needed from specialist bodies such as water companies or local councils.
Mining & Chancel Repair Liability Searches (Con29M)
This type of search looks into whether there is any potential risk associated with mining activities in your area which could lead to damage being caused to your home due to subsidence or landslips etc., as well as whether there are any chancel repair liabilities associated with owning land in certain areas which could lead to additional costs for repairs being passed onto you by law upon purchase completion. This type of search usually takes around 2-3 weeks to complete but can take longer if more detailed information is needed from specialist bodies such as coal authority records or historic ordnance survey maps etc.,
Also read: How Long Does Conveyancing Take?
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The Timeline for Property Searches
Property searches can be a long process, with documents needing to be obtained from local authorities and other organisations. The timeline of this process varies based on factors such as how quickly the solicitor can obtain the paperwork necessary. Generally speaking, it takes up to three weeks to complete the searches.
If you can find a willing seller that has all their paperwork ready when you inquire about purchasing a property, your search will likely take much less time than normal. Having your property searches done is necessary for you to have full confidence in your purchase.
Also read: What are conveyancing enquiries
Property Searches Process
The first step of property searches is to find out what properties are currently on the market. Estate agents will be able to provide a list of available properties according to your criteria. You can use online resources such as Rightmove or Zoopla too. This should take no more than a few days.
Once you’ve identified potential properties, it’s time to arrange viewings. Viewing times vary depending on demand and availability. Some estate agents may be able to provide viewings within 24 hours, while others may require more notice. On average, it takes around two weeks for buyers and sellers to agree on suitable viewing times.
After the viewings are complete, buyers need to decide whether they want to make an offer on the property. Making an offer is a quick process; many buyers do so within 24 hours of viewing the property. Once an offer has been made, it takes between 24-48 hours for it to be accepted (or rejected).
Also read: VAT On Sale Of Residential Property UK
Mortgage Lenders Require Property Searches Too
Property searches can be an important but often overlooked part of a mortgage application.
Your lender may require additional searches, such as:
- -a flood risk assessment
- -or a homebuyer survey,
to get detailed information on the condition of the building and protect their investment in the real estate.
To make sure everything runs smoothly, it’s important to factor this into your timeline when you’re purchasing a property. Typically, lenders need to receive these reports within 10 days from application. Make sure you have enough time planned for organising them.
Property searches are an essential part of any purchase process and understanding the associated timescales is key for successful completion.
Property searches are an essential process when it comes to buying or selling real estate and can help protect both buyers and lenders. They usually take up to three weeks to complete. Property searches help ensure that buyers, sellers, and lenders have all the right information when it comes to making a purchase of the real estate process.