Local property search firm, X-Press Legal Services South Wales 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 South Wales.
Steph Hector, owner of X-Press Legal Services South East Wales 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.”
A risk factor unique to the region is mining.
Steph comments: “Coal Mining in Wales was significant throughout the 19th and 20th centuries, being integral to our economic development and playing a key role in the Industrial Revolution. Throughout South Wales and the Valleys, it is a risk that is considered when buying or selling a property. Mining caused issues with ground stability and contamination, and subsidence-issues which can cause major safety risks with properties and new developments.
“Coal mining reports are a legally required part of the conveyancing process in areas with a history of mining. Subsidence can not only affect the value of a property, but if sink holes or related issues appear- properties may have to be demolished, and the owners’ health and safety can be put at serious risk.”
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.
Steph 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.”
To find out more about X-Press Legal Services South East Wales, please call 0330 159 5353 or visit https://xpresslegal.co.uk/profile/?id=17.