A mortgage lender cannot give you the money you need to buy a house or a property without a water authority search. The property you want to buy needs to be in its best condition to enable mortgage lenders to release the funds you need.
They find an agent to conduct some searches, which are but not limited to:
- Land registry search
- Local authority search
- Environmental search
- Water authority search
Lenders also conduct other searches such as mining, and flood risk before proceeding with the mortgage application.
What is the importance of a water authority search?
A water authority search discloses how water comes into the property and how it goes out. The result of the search will provide answers to these questions:
- Is there a main water supply connected to the property? Who supplies the water?
- Is the property linked to a public drainage system?
- Is the water supply using a meter or a rate system?
These are the questions that the result of a water authority search seem to provide answers to especially if you want to make repairs or renovation on the property you bought. For instance, if you plan to renovate the building by adding an extension, and your plan affects the existing drainage system, then you need permission from the water company before you continue with your plan. A mortgage lender is not concerned about your plans after you buy your house, they just want to make sure that the property is in good shape before lending you the money to buy the house. So if a water authority search shows that the property is not connected to a main sewage network, or they discover that there’s a history of surface flooding, your mortgage lender may choose to not proceed with the mortgage application.
Types of Water Authority searches
There are two main types of water authority searches, they include:
- CON29DW drainage and water search
- Regulated drainage and water search
The CON29DW search is more effective and comprehensive because it provides answers to about 25 standard questions. The CON29DW is compiled by the water companies themselves. A regulated drainage and water search is also effective and comprehensive but isn’t backed up by the water company.
Consequently, the CON29DW search is more sought after amongst solicitors and mortgage lenders and more expensive than the regulated search. A standard CON29DW search costs between £50-£100.
If you’re planning to buy a property, you must ensure that you carry out a detailed water authority search on that property.
Discuss with your solicitor about the result before proceeding to apply for a mortgage loan. This way, you’ll be prepared for anything that may want to hinder your chances of getting a mortgage loan from your mortgage lender.
You need a mortgage broker who has direct access to a mortgage lender to pass this stage successfully. A professional mortgage broker can help you through this stage and help you get the best mortgage loan for you. At Home Rate Mortgage, we have the best mortgage brokers ready to help you through all the necessary processes of getting the best loan for you. We work with the best mortgage lenders in Chattanooga and you can be sure that we will go all out for customers.
Contact us today to learn more about our services!