I'm currently buying a leasehold flat. I've had no problems getting a mortgage AIP as I am financially very sound and the bank are now just having a final check of all my documents.
However I wanted to know if I have to any searches done as part of the conveyancing. I currently live in an adjacent flat plus I know the vendor quite well and it seems a waste of my money getting an LA, environmental, drainage search etc. I don't need to waste £50 to be told the flat down the corridor is connected to water and sewers. Nor do I need to waste another £100-£150 to be told a load of information about an area I know very well and that will have no effect on my decision to buy. Plus don't even get me started on chancel searches, I'm willing to save £40 and risk that the Bishop of Waltham Forest won't be popping round my flat with a begging bowl next year.
So all in all I'd happily save myself a few quid with zero risk. But will me not having these searches have any effect on whether or not I get the mortgage? Thanks in advance for your replies.
However I wanted to know if I have to any searches done as part of the conveyancing. I currently live in an adjacent flat plus I know the vendor quite well and it seems a waste of my money getting an LA, environmental, drainage search etc. I don't need to waste £50 to be told the flat down the corridor is connected to water and sewers. Nor do I need to waste another £100-£150 to be told a load of information about an area I know very well and that will have no effect on my decision to buy. Plus don't even get me started on chancel searches, I'm willing to save £40 and risk that the Bishop of Waltham Forest won't be popping round my flat with a begging bowl next year.
So all in all I'd happily save myself a few quid with zero risk. But will me not having these searches have any effect on whether or not I get the mortgage? Thanks in advance for your replies.