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Conveyancing - RiskView Search

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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?

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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..

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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.

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You won't know unless you or your solicitor ask NWB.

Yes, these are all Indemnity Insurance policies, for a one-off fee.

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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.

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