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HS2 line goes further than you may think

Now approval has been given to the high speed rail network, spanning 22 local authorities, over £90m worth of property is expected to be demolished along the route.

Although it is likely to take over a decade to complete, introducers and conveyancers should think about how to deal with the fallout.

Properties near High Speed Two, running between London and the North, are expected to suffer, which will affect the wider market. It is suggested a significant noise hike will hit around 22,300 homes, with 4,700 of them blighted by noise pollution. It is estimated £97m will be wiped off values in these areas.

Local authorities must disclose only whether a property is within 200m of the route. But this is not enough detail as clients will be at risk of unwittingly buying homes that will be affected by HS2 beyond the 200m boundary.

In addition to the usual searches the Council of Mortgage Lenders’ Handbook states that lenders require conveyancers to carry out “any other searches which may be appropriate to the particular property, taking into account its locality and other features”.

This is echoed by The Law Society, which maintains that “it will be important for conveyancers to be aware of this development … and to advise clients accordingly”.

So conveyancers who fail to take HS2 into account could face future litigation and claims of negligence.

Information on the route is available on the HS2 website or through an HS2 search. Anyone with clients in the vicinity should take note or could find themselves in trouble down the line.

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Marketwatch – March 2012

It is certainly an interesting time for mortgage pricing as lenders face a challenge in getting their products out at the right cost, without being inundated, while trying to gauge how their competitors will react.