Search provider launches first commercial data service specifically developed for real estate lawyers to transform due diligence process- Data updates in real time and fully integrates with official data sources, as well as giving lawyers access to satellite imagery and Google Street View
- Highways data layer provides immediate confirmation of road adoption status and maintaining Authority
Search Acumen, the property search provider, has launched an online platform specifically dedicated to commercial property transactions, designed to transform the due diligence process by providing real estate lawyers with instant access to commercial property data sets and the ability to conduct and manage a portfolio of property searches in one place.
The innovative platform is the commercial market’s first integrated system that streamlines free access to data and information a real estate lawyer needs to reference when carrying out due diligence on a commercial property transaction . It has been designed in close consultation with some of the UK’s top commercial property law firms.
The site uses the most up-to-date data from official sources such as Land Registry’s National Polygon dataset, Ordnance Survey and the Environment Agency, to provide real time details free of charge on issues such as flooding, conservation areas, listed buildings and official registers and charges prior to ordering searches.
Through the platform, real estate lawyers and conveyancers are able to locate all relevant titles – including information such as the title number and whether it is freehold or leasehold – and identify any unregistered land. The titles are colour coded and the system allows users to easily click-through to instantly extract the desired searches from Land Registry.
It also incorporates additional data layers which can be fully customised depending on a firms’ transaction preferences. For example, geo-specific layers allow users to identify the tracks of the London Underground, local stations or use Highways data to identify the road adoption status. The commercial tool also integrates with Google Maps to identify local authority boundaries and allows users to view properties and titles from both a satellite and street perspective.
With timelines being critical to the success of commercial transactions, lawyers can easily manage their workflow through an intuitive deadline management tool and download function. Users can specify the deadline for their searches and are kept up-to-date on any delays and timings by Search Acumen’s specialist support team who will provide alternative solutions when timescales cannot be met.
This transparency means lawyers are able to track the process at every step and keep their client informed at every stage. All relevant data and documents are quick to download from the single platform and the site makes it simple to share documents with the whole team working on the project.
As each transaction type usually requires different searches, their setup can be tailored to each firm and the platform provides users with suggestions of only the appropriate products that are required and recommended. The pricing for searches is clear and transparent from the outset with no extra fees or add-ons included later.
Cutting edge technology, sophisticated mapping and comprehensive access to essential data is backed up by Search Acumen’s exceptional standards of customer service. Thanks to their proactive approach only 13 calls were received, throughout the whole of 2016, from customers chasing overdue searches.
Andrew Lloyd, Managing Director at Search Acumen, comments:“Our new platform is an exciting and revolutionary step forward in filling a gap in the market for commercial transactions. We have worked with top commercial firms to ensure this fits with their needs and to blow away the cobwebs of legacy systems by finally bringing the process of accessing commercial property data into the 21st century.
“The commercial platform aims to kick-start a transformational move by giving commercial lawyers access to big data that meets their individual needs and narrows down the products and searches required for their specific transaction. It will also cut workloads, provide a more efficient service and help to enhance productivity levels.
“Searches are only a small part in the journey in a commercial transaction, but are too often burdened by incomplete data and vulnerability to delays. By having all the tools that lawyers need in one place, the complexity of commercial real estate deals can be streamlined and all the pieces of the puzzle can be made visible in a single destination – leaving little room for error and delays. However, this is only the start of the journey and we strive to continue to serve law firms of all sizes and specialisms with more data and technology that works in real time and refines the search selection process even further.”
