By Legal Futures’ Associates SearchFlow [1]
In response to media reports of a conveyancing ‘log-jam’ and increasing delays to property transaction completion, resulting from the Stamp Duty Land Tax holiday deadline and an upsurge in demand, SearchFlow [2] is urging property lawyers to consider data-driven alternatives to traditional search packs as a viable means to keep transactions flowing.
During lockdown, SearchFlow launched its Continuity Property Solution, which is a data-backed insurance policy with a £1m indemnity alongside quality-assured data taken from the UK’s largest historic property database, spanning over 20 years. This provides both real-time and historic property data so that property lawyers and conveyancers have a viable option to maintain service and complete transactions as quickly and efficiently as possible during the Stamp Duty holiday.
This solution includes additional due diligence information in the form of an Environmental Report, Mining Search and Chancel Repair Liability policy, making it a workable alternative to keep transactions moving.
It is available in two forms: the CPS Premium is delivered within 10 working days and the CPS Priority is delivered within five working days.
Confirms Dr Tom Quirke, managing director of SearchFlow: “Property lawyers and conveyancers are facing pressure to make sure transactions happen as quickly as possible, to meet the Stamp Duty holiday deadline, yet are facing increasing timescales as a result of the demand. Our Continuity Property Solution offers a very timely remedy.
“The Continuity Property Solution is not a search, but an insurance policy with a £1m indemnity. It includes quality-assured data from our current and long-term historic database, which means conveyancers are able to still access property facts and provide advice. This is an innovative and viable alternative that has been designed to keep transaction pipelines moving. With guaranteed delivery timescales, it offers peace of mind to everyone involved in buying and selling properties in these most unusual times.”
For more information on SearchFlow, call 0870 423 2922, email sales@searchflow.co.uk [3] or visit info.searchflow.co.uk/continuity-property-solution [4].