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Howard
Going through the first set of paperwork from our conveyancing solicitor and have a few questions.
1) Joint Tenants vs Tenants in Common with equal shares:
My fiancé and I are purchasing the house together and have made approximately equal contributions to the deposit and anticipate equal contributions to the mortgage. Our wedding is planed for 2022 so we will not be married for at least the first portion of our ownership. Am I correct in assuming that the only difference between JT and TiC is what happens in the event of a death... namely that if we are JT then the property would pass automatically to the other, whereas under TiC the property would pass to whoever is named in our respective wills (who may or may not be the other tenant)? Is there anything else important to consider?
2) Surveys
The house we are purchasing is a new build and will be covered by a 10 year NHBC warranty. Our financial advisor told us that it would be unusual to commission either a home buyers report or a full structural survey on such a property because he could not imagine such a survey revealing anything that wouldn't already be covered by the NHBC warranty. Is this reasonable advice and if not, what sort of faults might the survey uncover that would not be covered by NHBC? An additional complication is that the house is not fully built yet (final build completion expected October) and so when would the surveyor complete the survey - when the property is only part built (but before exchange of contracts) or after the property is completed but thus also after exchange of contracts?
3) Local search and Environmental search
The property is on a new development built on a disused WW2 airfield (since used as agricultural buildings), and the site borders land that has been and is currently being used as a waste disposal site. I've lived in neighbouring villages for years and never heard complaints about either of these two issues but presumably these make the local and environmental searches even more critical - is there anything we should be especially alert to in the reports or that we should request be specifically investigated?