Searches Flashcards
(9 cards)
What is the effect of the OS1 result?
Pre-completion search made in lender’s name which discloses any new entries made on the register since the date of the official copies. Guaranteed to be accurate and compensation payable for any loss suffered if there is a mistake. Priority period of 30 days in which purchase must be registered at Land Reg to stop new third party interests being added.
What four things are covered in part 1 of the local authority search (LLC1 certificate)?
smoke control zones, TPOs, some compulsory purchase orders and various planning entries
What ten things are covered in part 2 of the local authority search (CON29)?
if roads serving property are maintained, plans for new roads, public rights of way, planning decisions in respect of property, planning enforcement notices, conservation area, railway proposals, community infrastructure levy, if property is an asset of community value, if local auth is taking action to require clean up of environmental contamination
What three things may be asked on the CON29O optional enquiries?
if property is within a National Park, within an Urban Development Area, or if property or any abutting land is common land or a village green
When is a CON29M required and what does it cover?
Coal Mining Search. May be required if there are rights to mines and minerals noted in the register, this search will reveal whether there is any past, current or future mining nearby, whether there has been any subsidence or gas emissions and whether there have been any subsidence claims
What does a CON29DW cover?
Drainage and Water Search. Covers drainage and water services to a property. Submitted to appropriate water service company for the area.
Why should a buyer commission a survey on the property they wish to purchase?
Caveat emptor (buyer beware) applies, so they should ensure at an early stage that there are no defects. They can decide not to proceed or request a price reduction based on the results.
What does a Chancel Repair Liability Search cover?
The search determines if the property is at risk of the liability and it is possible to insure against it. The right to claim used to be an overriding interest so if the property hasn’t been sold since 2013, a notice may still be registered.
What should you do if Chancel Repair Liability applies to the property your client is buying?
We could require the seller to insure against the risk with an indemnity policy or pass on an existing indemnity policy if they have one. They could also take out insurance against the risk. We should also ask if any claims have been made
