Why is an environmental search important?
All conveyancing searches are important as they make you aware of potential issues with your purchase before legal ownership is transferred. An environmental search is important as it provides information on potential health, insurance, and financial risks associated with the property.
What health risks can an environmental search reveal?
As environmental searches look at the past use of the land, they can highlight certain factors which could potentially become a serious health risk to you and those living in the house. If the house is built on former industrial land, for example, there could be toxic substances still remaining in the ground.
How can an environmental search affect insurance?
The environmental search also indicates whether the property has had any historical issues with flooding. If there are any flooding issues, you may struggle to get buildings insurance, or you may have to pay a premium.
What financial risks can an environmental search identify?
Buying a property is a big financial commitment, and an environmental search can help identify issues that could lead to unexpected costs or affect the property’s value in the future. This includes issues that you’d have to spend money to rectify or make the property harder to sell.
It’s also important to note that if the original party responsible for any contamination cannot be found, the cost for all clean-up activities will fall to the landowner.
Can an environmental search affect a property’s value?
Yes. An environmental search can uncover natural factors that may impact your property’s value, such as risks from flooding, subsidence, or invasive plants. Discover the key natural forces that could affect your home and how to address them in our comprehensive article.
What do I do if an environmental search reveals a problem?
If your search identifies issues, your conveyancer will explain the options to you. These include deciding not to proceed with the purchase, negotiating a lower offer, or asking the seller to resolve the issue before exchanging contracts.