Tackling conveyancing risk head-on
Jonny Davey Product Manager Geodesys
As every conveyancer knows, improved technology and property data have benefited the amount of property information available to conveyancers. Jonny Davey, Geodesys Product Manager, explains how a new search format is supporting greater transparency and efficiency in carrying out conveyancing due diligence.
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ince 2016 we have seen a new type of property search on the market. Combined risk searches provide up to seven risk assessments(1) including contaminated land, flood, planning, ground stability, energy, transport and infrastructure. This reduces risk for all parties involved and makes it a lot easier for conveyancers to get a comprehensive picture of risk to the property.
a saving of up to 45%(2). This saving can be reflected in the price charged to the client, helping your practice remain competitive. Geodesys provides the following searches that offer an assessment of combined risk:
Combined risk searches came to market in 2016 and, since then, we have seen an 85% increase in orders for this type of report. This isn’t really a surprise as they bring together all the essential search information in one easy-to-understand format giving conveyancers an instant snapshot of overall potential risk. This saves having to plough through a lot of detail in individual reports.
Residential
Commercial
Groundsure Avista
Groundsure Review
Landmark Riskview Residential
Landmark Riskview Commercial
Groundsure Homebuyers
Argyll SiteSolutions Combined
Groundsure launched the Avista product in 2017 in response to conveyancers needing one definitive environmental search, including planning. Groundsure Account Manager, Nick Treble comments “Cambridgeshire represents a diverse collection of urban and rural areas, each with its own set of potential risks. 4% of the region is identified as having potentially contaminative historical land. Avista covers seven risks and intelligently filters over 106 million data points to present only the most relevant results.”
Future Climate Info Standard
Sitecheck Combined
Future Climate Info Premium
Future Client Info Retail
Julia Turner, Associate at Tees Law in Cambridge uses the Groundsure Avista report. She explains why it works so well for them: “The front page of the Avista search provides a summary of all risks. This immediately shows us which risks exist, the level of the risk and whether they are likely to restrict lending on the property via the Avista Action Alert. Page 2 then goes to provide an overview of the risks identified with clear next steps for the home buyer.” Combined risk searches only include key issues of concern for the home buyer, leaving out results which are within accepted standards. This saves time and printing costs. An additional benefit is that the price of a combined risk search is lower than what would be required for the individual searches. Conveyancers can make
Future Client Info Commercial
If you would like to explore the benefits of moving across to a combined report for your transactions, along with a breakdown of savings for your clients, please get in touch with Lauren Lieser on 07885 135314 or lauren.lieser@geodesys.com. Notes: (1) Number of risk assessments varies according to report ordered. Groundsure Avista includes seven searches: Contaminated Land, Flood risk, Ground Stability, Energy, Enhanced Transportation, Radon and 10 years of Planning Applications. (2) Overall saving depends on searches currently ordered and choice of Combined Risk search.
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