Local property search firm, X-Press Legal Services Derbyshire and Nottinghamshire 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 Midlands and the Peak District.
Ben Wheeler, owner of X-Press Legal Services Derbyshire and Nottinghamshire 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.”
Risk factors specific to the area is mining and radon.
Ben comments: “The history of lead mining in Derbyshire dates back to the 1200s, but may have even been productive in Roman Britain- especially at Odin Mine near Castleton, the region’s oldest lead mine. There are thousands of shafts across the limestone landscape of the county, and these can cause risks with modern developments- heightening the risk of subsidence and issues with ground stability and contamination, as lead is poisonous.
“Another common risk search throughout the region is Radon – it is something which is checked for in every property search across the UK, but the Derbyshire Dales has been designated as a radon affected area. This means properties across the area have more than a 1% chance of having a level of radon, higher than the action level set by the government.
“Although a dangerous risk if not detected, once detected, it is easy to remedy, and the solutions should last for many years. Methods to solve the problem can vary, from adding or replacing ventilation bricks on outside walls, to installing a pump that blows air into the property, or adding radon-protective membranes to an extension or new development.”
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.
Ben 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.”