Conveyancing becomes a problem when information supplied by third parties is either unclear or incomplete.
The High Speed 2 is the proposed railway line between London, the Midlands and the North of England and if approved, construction may commence in 2017 with trains running by in 2025. However, conveyancers will be faced with angry buyers if they are not fully aware of the detailed consequences of this new rail link which could affect property values.
The rail route affects 22 Local Authorities and the CON29 only requires these authorities to state properties within 200 metres of the High Speed 2. It is likely that very few Local Authorities will provide the information above and beyond the 200 metres mark, causing main problems for conveyancers because the impact will surely by farther and wider. In addition, the construction of the High Speed 2 will be noisy, dusty and fume filled.
The noise alone will affect circa 700 homes with approximately £97million being wiped off property values and £90million worth of property being demolished. Buyers will want to avoid a nasty shock when work starts, even if the property is outside the said 200 metres.
Further, only small sections of the route will utilise existing railway lines. The majority of the route will require new lines and associated works such as tunnels, viaducts and bridges, which may deter potential new home buyers in the surrounding areas. With properties demolished and the disturbance that brings during the construction process, homes are sure to be devalued.
Without comprehensive information, buyers could be trapped into buying a property unaware of the suffering that might be caused by the High Speed 2. Therein lies the potential for rage between conveyancers and home buyers.
Blueprint Property Lawyers will of course take the necessary steps to ensure that our clients interests are fully protected in these circumstances.
