RiskView Commercial launches to reveal environmental risks for commercial property transactions
With over 14,000 commercial new build applications approved on flood zones in the last 12-months*, undertaking the right level of environmental due diligence when purchasing a new commercial building is paramount. As such, Landmark Information Group, the land and property data specialists, has launched RiskView Commercial: the first ‘all-in-one’ environmental search to provide analysis on four key risks supported by an online interactive mapping tool to enable thorough pre-purchase risk analysis.
With legal professionals facing continued pressure to appropriately advise clients on environmental risks that may be present as part of a property transaction (including the Law Society’s Warning Card on Contaminated Land and the requirement to meet the Environmental Protection Act 1990), it is vital for conveyancers to fully advise clients on any potential factors that may pose a threat or require remediation, to avoid potential litigation should issues be discovered after the purchase completes.
RiskView Commercial advises on Contaminated Land risk, Flood risk, Ground Stability and Energy & Infrastructure, in one easy-to-read report. The comprehensive risk assessment includes a detailed Professional Opinion and highlights results that may require further action or investigation. This is supplemented with clear advice and recommendations from expert environmental consultants, Argyll Environmental. Plus, for the first time, the findings can also be viewed on an online map-viewer, taking commercial conveyancing due-diligence into a new digital age.
Rebecca Hickey, head of legal product for Landmark Information Group said: “With all commercial property transactions, limiting clients’ exposure to the contractual or other legal risks relating to the purchase is paramount. This includes the consideration of any possible environmental risks or damage relating to the site or property. From a lawyer’s perspective, such analysis is critical in order to demonstrate that proper due diligence has taken place as any environmental issues that are identified at a later stage can prove costly all round.”
The risks analysed as part of RiskView Commercial include all forms of flooding notably: river and coastal, groundwater and surface water, and takes into account historic flood events, proximity to surface water features and elevation above sea levels.
Rob Carling, technical director from JBA Risk Management: “It’s vital to provide property investors with clear analysis of any environmental risks that may be present before the purchase completes. Having access to flood data gives investors the information they need on which to make an informed purchasing decision with regard to flood risk.”
Other assessed risks include proximity of energy or infrastructure developments, such as wind farms, Crossrail or HS2, land contamination risks such as those present from former industry, plus ground stability issues such as radon, land movement and more.
RiskView Commercial has been developed in consultation with a Product Advisory Board, which consists of experienced legal practitioners in environment and property from Harrison Grant, Trowers & Hamlins and Veale Wasbrough Vizards. Consultations were also conducted with a number of leading legal firms to obtain feedback and recommendations on the features, usability and report outputs to deliver a product that meets market requirements.
Pricing and availability
RiskView Commercial is available from today and has an RRP of £250.00+VAT – this provides complete environmental due diligence and represents a financial saving of at least 15% when compared to purchasing the Flood Risk, Contaminated Land, Ground Hazards, and Energy & Infrastructure reports separately.
For more information click on www.landmark.co.uk, call telephone 0844 844 9966 or follow the team on Twitter.
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