Homes can have a plethora of problems – from flood risks to planning permission. However, properties can also have hidden risks depending on what region they are located in. Before a buyer exchanges contracts, the property will need to be checked for various things that could impact its future value or the buyer’s enjoyment of it.
But what risks do these pose on your property?
The experts said, for example, mining excavated tunnels may run underneath a property which can put it at risk of subsidence.
The HS2 high speed railway, which will run from London to Birmingham and the northwest, could have an impact on properties along that route.
Lynne Lister, managing director at X-Press said each region has its own particular search risk based on “geology and the industrial history of the area”.
She added: “Over the past two decades of providing search reports we have a pretty good idea of the risks each region is most likely to reveal.
“Our local owners can then support conveyancers to deliver a complete picture of not only the property but the area surrounding it.”
If a property transaction falls through, potential buyers and sellers can lose thousands of pounds.
Last year, over £400million was wasted due to failed property transactions in England and Wales.
This amounts to an astounding one in three people potentially losing money due to failed attempts to buy or sell a home.
For those with limited cash, this could effectively end their dreams of finding a new home.
Lynne added: “It’s 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 regional risks associated with property transactions and we put that knowledge to good use with our conveyancing clients to protect consumers buying or selling property.”
X-Press Legal Services partners with hundreds of law firms in England and Wales to provide this vital service at the start of any property transaction.
The average conveyancing fees when buying a property in the UK amount to around £1,040.
When selling a property, the average conveyancing fees are around £1,000, according to Compare My Move.
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