Local property search firm, X-Press Legal Services Cheshire and Greater Manchester is revealing the risks that you should look out for when buying a property in the region.
Before a buyer commits to buying a property by exchanging contracts, they need to know as much as possible about it- especially anything that may affect its future value or their enjoyment of it.
Property searches are enquiries made on a buyer’s behalf by a solicitor or conveyancer to various authorities that hold information about a property, the land it sits on or factors that may directly (or indirectly) effect it.
Russell Brown, owner of X-Press Legal Services Cheshire and Greater Manchester advises:
“Along with the common property search risks such as flooding, contamination and planning- each region of the UK has its own particular search risk given the geology and industrial history of the area.
“Over our many years of providing search reports, we have a pretty good idea of the risks our region is most likely to reveal. Our team then supports local conveyancers to deliver a complete picture of not only the property, but the area surrounding it.”
A risk factor specific to the area is salt mining; Russell comments:
“Cheshire has a long history of salt mining, dating back to the Romans who settled in ‘Condate’, modern day Northwich due to the presence of brine springs.
“Rock salt extraction on an industrial level began a few centuries ago, and led to brine pumping which was more economical but ultimately caused land subsidence. Although salt has been a major reason behind population build up in the area, it is important to understand how it increases the risk of subsidence across Cheshire- and to make sure your property is not at direct risk.”
In the UK last year, over £400 million was wasted on failed property transactions in England and Wales. For the consumer, this could mean one in three people losing a significant amount of money in failed attempts to buy or sell their home, and for some- this could put an end to their residential sale or purchase for good. Russell adds:
“It is important to remember that you may have found the perfect property, but that the location can have hidden risks. We have an in-depth understanding of the risks present in our region associated with property transactions, and we put that knowledge to good use with our conveyancing clients- protecting consumers buying or selling a property.”