Hippogriff   10 #1 Posted August 22, 2017 I've been getting in quotes for a simple property transaction, I'm buying, and it's the first time any firm has come back with a radically cheaper price than the others because they're including this RiskView Search instead of a number of other distinct Searches.  If a Conveyancer uses this amalgamated Search is it guaranteed a Lender will accept it?  https://www.landmark.co.uk/landmark-legal/riskview-homebuyer  The blurb here kinda puts the onus onto the home buyer - "print off this sample report and take it your Conveyancer" - like it's not mainstream yet.  I dunno, but I know this field is really slow-moving and maybe I've landed with a firm who is ahead of the curve, but I need to know if this combined Search report is suitable as I'd like to go with it because it's bringing the whole quote down by about £100. Just wondering if anyone has used it in a purchase?  I don't think it replaces the Local Authority Search, but does some others? Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   90 #2 Posted August 22, 2017 Yes. I cannot see what your linked provider charges, but "no-search policies aren't new. They cover Local Authority [LLC1/CON29R], Drainage/Water company [CON29DW], and Coal Authority [CON29M]. A 'no search' policy's cost depends on the property's purchase price. By way of example, they begin at £44 [Legal and Contingency] for a property up to £100 000; L&C's costs £148 for a property between £900 000 and £1m. GCS's equivalent is cheaper once the price exceeds £150 000.. Share this post Link to post Share on other sites Share this content via...
Hippogriff   10 #3 Posted August 22, 2017 Is a "no Search Policy" some kind of indemnity insurance policy you can take out? I don't think some Lenders play that game, am I right?  Or is that what this, effectively, is too? I was operating under the impression it was an amalgamation of Searches into one simpler piece of output (hopefully cheaper too)?  I am only interested in doing the least I can get away with because it's an apartment in a block that's been around since 2007... I really don't see the point. However, my Lender is NatWest in this case, and I think they may necessitate "the full set", whatever that is - but I am wondering whether this RiskView Residential is an option as one Conveyancer has suggested that. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw   90 #4 Posted August 22, 2017 You won't know unless you or your solicitor ask NWB. Yes, these are all Indemnity Insurance policies, for a one-off fee. Share this post Link to post Share on other sites Share this content via...
Hippogriff   10 #5 Posted August 22, 2017 Thank you for that clarity - I hadn't got that vibe from the RiskView Residential, it is touted as a smarter way of getting the same information back as you would from individual Searches.  "RiskView residential is the all-in-one environmental report that’s simple, helpful and accessible. There’s no longer any need for multiple reports. We’ve put it all under one roof."  I see NatWest tomorrow morning. I wonder if I will meet a person who can provide the answer.  When I look at sold property prices at the same postcode, I see other completions up to April this year. It's very likely they did Searches, as is often advised as par for the course. I also know someone in the building who bought in 2015 - they've told me they did Searches. It is in a built-up, inner city, area - not some green-belt location where surprises could be shattering. The apartment windows even face an inner courtyard - so there is no view to spoil.  Even if the Searches can be considered out of date, I see no real point in doing them. I would like to swerve them.  ---------- Post added 22-08-2017 at 17:39 ----------  P.S. - I understand RiskView Residential doesn't seem to cover Local Authority Searches. But I now also understand there is indemnity against any Searches; yet that is predicated on the Lender accepting it. I will find out. Share this post Link to post Share on other sites Share this content via...