The shocking headline and nightmare scenario facing one family in Cornwall is not as unusual as you might think. According to British Geological Survey records, 20 sinkholes formed in February 2014 alone, some of which opened up in densely populated urban areas in and around Greater London.
Sinkholes form for a variety of reasons, but undertaking a geological survey as part of your search package when you buy your home is one way of mitigating the risk. If you are a homeowner affected this can be a costly oversight.
Anton Osborne, Partner & Divisional Partner, Property says:
"At MW we strongly recommend that specific and appropriate searches are taken out in respect of all conveyancing transactions. Where properties are in certain areas we would always recommend taking out extra searches to associated with specific risks in those areas. As can clearly be seen in this case trying to save money on searches is a false economy. Houses are usually the most expensive purchases anyone ever undertakes and therefore we would encourage our clients to be as thorough as possible in respect of their due diligence including taking out searches, full surveys and not simply relying on mortgage lender valuations."
Maria Christoforou, Partner & Head of Property Law adds:
"It is essential that the right type of searches and a survey are carried out on a property to identify any potential problems or issues. The cost of carrying out appropriate searches is very low when weighed up against the potential devastating consequences which could have actually cost someone their life in this case."
We Can Help
At MW we offer our clients a comprehensive range of searches to give them piece of mind. If you are considering a property purchase or would like to talk to one of our specialist solicitors regarding our search packages call us today on 0203 5512 8500 or email us at firstname.lastname@example.org.