What are the biggest problems facing the property industry in the UK at present?

Arguably, the two most concerning problems are:

• 1) the buying and selling process of homes runs into several roadblocks, affecting the speed and efficiency of the process.
• 2) the energy crisis.

In this article we focus on the house buying process. Whilst we all have to still rely on searches, which a resource of value to the home buying process - there are timing and content issues. Also, most players in the process seem to have a vested interest.

So what are the searches required in the home buying process?

In the United Kingdom, a conveyancing search pack typically includes several searches conducted during the process of buying or selling a property. While the exact contents may vary depending on the location and specific requirements, here are some common searches included in a UK conveyancing search pack:

• 1. Local Authority Search: This search provides information from the local council regarding planning permissions, building regulations, conservation areas, road schemes, and other matters that may affect the property.
• 2. Environmental Search: This search assesses the property's environmental risks, including contaminated land, flood risk, radon gas, and other potential hazards.
• 3. Drainage and Water Search: This search checks the property's connection to public sewers, water supply, and any outstanding water and drainage charges.
• 4. Chancel Repair Liability Search: This search investigates whether the property is subject to chancel repair liability, which is an ancient legal obligation to contribute towards the repair of the local parish church.
• 5. Mining and Subsidence Search: If the property is in an area with historical mining activity, a search is conducted to determine the risk of subsidence or any other issues related to mining.
• 6. Flood Risk Search: This search assesses the risk of flooding from rivers, coastal areas, or other sources, providing information on flood zones and potential insurance implications.
• 7. Land Registry Priority Search: This search ensures that no other applications or registrations have been made against the property since the seller applied for the official copies of the title deeds.

These are some of the common searches included in a UK conveyancing search pack, but additional searches may be required depending on the specific circumstances, such as a coal mining search, commons registration search, or highways search. It's essential to consult with a qualified conveyancer or solicitor to determine the appropriate searches for your situation.

So what did the research find?

A representative from an organisation that assists collaborations between solicitors, estate agents, mortgage brokers, and financial advisors shared that their research was that if 200 prospective buyers had to pay an initial fee of 275 to put forward their offer on a property they intended to purchase, only 50 of the prospective buyers said they would proceed with their offer. On average, these buyers took approximately 79 days to complete the entire purchasing process, including finalising contracts. Remarkably, in this research group there were no cases of transactions falling through. The remaining buyers, however, took around 120 days to complete their transactions. Unfortunately, 42% of these experienced failed transactions.

The above example shows why keeping things simple and straight in property transactions is important. 275 is just enough for a buyer to feel they will succeed in the process. It also makes them understand the Search process firsthand and better. It also offers a solution to the old dilemma agents face when they inform their buyers that a deal has been reached. The response from the buyers is, "Will you remove it from the market? This is a tough question to answer, as the agents are aware that there is an equal chance of the deal coming apart.

The younger generation doesnt like wasting time on aspects like non-refundable deposits and agreements. They believe it is a waste of time. Switching who does searches has emerged as the best solution for agents, buyers, sellers, and everyone associated with the property industry. It is the simplest answer to speeding up the process of finding and finalising homes and commercial properties. At Ringley Law, we offer a faster home sale process than elsewhere for all the properties in the Ringley managed leasehold portfolio. For just 995 in Wales and 1,295 in England we have pre-prepared speedy sale ready packs that will cut weeks off your conveyancing process.

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