SearchFlow launches new energy report for conveyancing search due diligence
SearchFlow, the UK’s leading property search information provider, has today launched a brand new search report that will provide conveyancers with more information on current and planned energy developments in the vicinity of their client’s property.
The report includes information supplied by Groundsure on all forms of existing energy infrastructure, such as nuclear, gas, coal and oil fired power stations, as well as the location of pipelines, national grid electricity distribution and overhead power lines.
Crucially, the report will also focus on controversial new energy developments, including current or planned wind farms and shale gas exploration that are causing consternation in the shires.
The latest Government Spending Review committed to further incentives for exploration and extraction to unlock the potential energy bonanza underground. Latest British Geological Survey (BGS) analysis suggests that there are far greater shale gas reserves than previously thought. In the North West of England alone, there could be as much as 1300 trillion cubic feet of shale gas. If just 10% of this was recovered, then the UK could be self-sufficient for its energy needs for a decade.
Tough renewable energy targets also mean that while the government wants communities to be more involved in wind farm applications and fracking, it’s also keen to demonstrate other benefits, such as cheaper electricity and gas directly to households.
Marshall King, Chief Executive, SearchFlow said: “With a growing population, we need infrastructure in place to become more self-sufficient with our energy supply. However, visual impacts of wind turbines and concern over possible tremors or groundwater contamination from fracking are of great concern to homebuyers who want to be sure of the situation before they commit. This report will provide more clarity on which energy resources could impact in the local area.”
As well as Lancashire, other licenced fracking areas include parts of Sussex, Hampshire, Dorset, East Yorkshire and parts of the East Midlands. Wind farm applications have also multiplied in recent years, especially in rural areas that are freer of planning restrictions, such as flight paths and Areas of Outstanding Natural Beauty. Many of these previously peaceful rural areas now find themselves attractive for other reasons.
There are two separate reports, with analysis suitable for reliance on both residential and commercial property transactions. With clear mapping and easy to read guidance, it will support property purchasers in assessing any material impact on possible asset values by their proximity to these energy installations.
Associate News is provided by Legal Futures Associates.
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