Due diligence searches are a critical part of the conveyancing process, as they help to ensure that a property is free of any potential legal or financial issues. They are typically conducted by a solicitor or licensed conveyancer and are designed to identify any risks or liabilities associated with a property before the purchase is finalised.
Some of the most common due diligence searches include:
- Local Authority Search: This search will provide information about any planning permissions, building regulations, and other local authority-related matters that may affect the property.
- Drainage and Water Search: This search will provide information about the location and condition of the property’s drainage and water supply systems, and any potential issues or liabilities associated with them.
- Environmental Search: This search will provide information about any environmental risks associated with the property, such as the presence of contaminated land or flood risks.
- Chancel Repair Search: This search will provide information about any potential liabilities associated with the repair of chancels, which are areas of land that were once used for religious purposes.
- Coal Mining Search: This search will provide information about any potential risks or liabilities associated with coal mining activities that may have taken place on or near the property.
It’s important to note that due diligence searches are not always required, but they can provide valuable information that can help protect the buyer from potential issues and unexpected costs down the road. They are an important part of the conveyancing process, and it’s advisable to have them conducted before proceeding with the purchase.
In summary, due diligence searches are a critical step in the conveyancing process, as they help to ensure that a property is free of any potential legal or financial issues. They provide valuable information that can help protect the buyer from potential issues and unexpected costs down the road. A solicitor or licensed conveyancer typically conducts these searches, and they are usually done before the purchase is finalised.
