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Although you will only own a share of the property, in addition to your mortgage and rent, you will be required to pay the entire cost of items such as:
- Council Tax
- Gas, Electricity, Water & phone bills
- Repair and maintenance costs for both the inside & outside of the property
- Buildings and contents insurance
- In some cases, a contribution to maintenance of shared areas, known as Service Charges
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Ordering Property Searches for your new home is a vital part of the home buy process. They reveal information and potential issues that may have an impact on your decision to buy, or might give you guidance on what you need to do in order to protect yourself and your new home.
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Moving forward to completion and registering your ownership without conducting the Priority Searches is potentially risky as the search re-confirms that the seller has the right to sell the property to you and shows whether anyone has applied any charges to, or acquired any rights on the property since the original searches were carried out, which can be weeks or sometimes months earlier.
Once the Priority Search comes back ‘clear’ (i.e. it doesn’t show anything of concern) then you get the added benefit of ‘priority’ for 30 days, which ensures that you get exclusive rights on the title of the property and no one can make any further changes to the register before you are registered as the new owner. For this reason, we, like probably all solicitors and conveyancers, undertake this check to protect your interests.