Property search firm, X-Press Legal Services South and West Yorkshire 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.
X-Press Legal Services provides these expert property search reports to the local conveyancing sector. Producing hundreds of thousands of property search reports each year, coupled with its experts on the ground, X-Press has an in-depth knowledge of the potential risks that are particular to the region.
Claire Foster and Helen Ide own X-Press Legal Services South and West Yorkshire. Claire comments: “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 unique to the region is land contamination.
Helen comments: “At the centre of the industrial revolution in the North of England, the land throughout Yorkshire bears traces of its history even into the modern day. Mining, factories, farming and redevelopment of industrial buildings are all factors increasing the risk of land contamination across the region- a major risk for any properties across the area.
“Groundsure, a company we work with to develop land reports, has calculated that 7.12% of land in Yorkshire could be contaminated due to its past uses- equating to 847,494 hectares.
“With numerous new developments or property refurbishments across the area, it is important to check your property is not built on a contaminated area to avoid the subsequent risks this may pose- to your health or the stability of the property.”
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.
Claire 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.”