Huge increase in uptake of combined risk reports
Since combined risk reports came to the market in 2016, they have seen an 85% increase in orders for this type of report.
Combined risk searches cover a number of key risks, making it a lot easier for conveyancers to ensure due diligence is thoroughly carried out.
Before the introduction of combined risk searches, solicitors had no choice but to order each risk report individually. This made it difficult to get a comprehensive picture of risk to the property and some potential issues could easily be missed. As an all-in-one search, combined risk searches include a wide range of risk assessments including contaminated land, flood, planning, ground stability, energy, transport and infrastructure, reducing risk for all parties involved.
Jonny Davey, Product Manager at Geodesys, commented, "These reports bring together all the essential search information in one consistent, easy-to-understand format, streamlining the due diligence process for conveyancers. They provide a snapshot of outcomes across all major risks, so conveyancers can immediately identify the issues that need further investigation, rather than having to plough through a lot of detail in individual reports.”
Combined risk searches only include information that needs to be brought to the user's attention, leaving out the results which are within the accepted standards and therefore not worth reviewing. This saves time and printing cost for every part of the value chain.
Nicole Yates, Property Solicitor from Simon Merchant Property Solicitors explains why they like this approach: “It’s very handy for us 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.”
An additional benefit is that the price of a combined risk report is lower than what would normally have been required for the five different searches. The decrease in cost encourages a more comprehensive due diligence when it comes to risk searches and offers peace of mind for everyone involved. Not only are solicitors able to offer better informed advice to property buyers, but lenders’ criteria are also satisfied more easily.
Combined Risk searches are in continuous development. As uptake continues to increase, there is no question that they will be further enhanced with the most current datasets and features to ensure users get the most up-to-date and comprehensive risk information.
For more information please contact your account manager or call our customer services team on 0800 085 8050.