By Kayley Wilson
We are often asked to advise on which searches are “optional” and which are “compulsory”.
1. BUYING WITH A MORTGAGE
Your Lender will insist that you buy a local search and a drainage search and will not release your Mortgage monies unless those searches are clear.
If your property falls within what is designated as a ‘coal mining area’ your Lender will also require a ‘Coal Mining Report’
Some Lenders may insist on environmental searches or other searches as a condition of your specific mortgage.
2. CASH BUYERS
If you are a cash buyer there is no search that is compulsory. However we would strongly recommend that you carry out at least a Local Search and a Drainage Search.
Frequently asked Questions – Conveyancing
By Kayley Wilson
Joint Tenants and Tenants in Common – do you know the difference?
When property is purchased by more than one person, ownership can be in two forms as either Joint Tenants or Tenants in Common. Joint Tenants as the name implies means that the owners are entitled to an equal share of the property whereas Tenants in Common allows ownership in either equal or unequal shares. The Right of Survivorship does not apply to a Tenancy in Common, so on the death of one owner, the remaining owner or owners do not automatically take that share as they would in a Joint Tenancy. This has the benefit that the share of the deceased owner can then pass through their will or intestacy and if required be held on a lifetime trust for another or pass straight to beneficiaries.
If you have any questions regarding Joint Tenants or Tenants in Common please contact;
Sarah Clarke email@example.com
Kelly Harrison firstname.lastname@example.org
or alternatively ring our office on 01625 429131 where we will be happy to answer any questions you have.