Convenience is becoming more and more pervasive in our culture nowadays. With increasingly busy lives and little time to spare, people are looking to their service providers for quick results. Even the conveyancing industry is now benefiting from this trend, with a more streamlined approach to due diligence
Until recently conveyancers had no option but to order separate search reports for each environmental risk. This could result in a mixture of different report structures, often giving an unclear picture of overall property risk. Combined Risk searches came to the market in 2016 and integrated a wide range of risk assessments into one search report, combining details on contaminated land, flood, planning, ground stability, energy, transport and infrastructure.
We’ve found that this streamlined approach has been really well-received. Amongst our customers there has been an impressive 85% uptake in Combined Risk reports since their introduction. Nicole Yates, Property Solicitor from Simon Merchant Property Solicitors explains why they prefer this approach: “It’s very handy that the majority of risks can be reviewed in one go. The front page of the search provides a summary of all the important facts, enabling us to go directly to the relevant information in the body of the report.”
By providing a snapshot of outcomes across all major risks, this type of search report saves solicitors a lot of time and effort. Another benefit is that the cost of purchasing the information as an all-in-one report is less than ordering search reports individually. And, as the information is more accessible, it encourages more thorough due diligence.
As Combined Risk reports become more and more popular, it’s likely that these will become the go-to product and be more likely to be enhanced with the most up-to-date data sets and information.
If you haven’t tried the Combined Risk approach yet, why not give it a go and see the benefits for yourself!