OneSearch Direct, the largest local search data company in the UK, has announced its partnership with leading Legal Indemnity Insurance Broker Northcott Beaton, in the provision of data to create OneSearch Express: a no-search insurance policy with the addition of a property data report.
This unique policy, backed by Aviva, the UK’s largest insurance company, is the first of its kind in the industry. Going above and beyond standard indemnity policies to incorporate extra due diligence, the policy covers the following responses up to the value of £1 Million:
- A search of the Local Land Charges Register on form LLC1
- A search of CON29R and/or CON29O records
- A search of water and drainage records on CON29DW
- A search of the Coal Authority’s records on form CON29M
- An environmental risk assessment
- A full Chancel Repair Liability search
A supplementary data report will complement the policy, and contains real-time Local Enquiries information captured by the OneSearch Direct in-house data team, including planning information, road and railway schemes, and outstanding notices. The data is backed by £10 Million Professional Indemnity Cover. This will empower lenders and solicitors with extra knowledge on the property, including potential risk indication, when obtaining a full set of searches is not possible or required.
Three products will be released as part of the OneSearch Express range: Remortgage, Existing Residential, and New Build Plots. Each product can alternatively be purchased as a standalone no-search insurance policy, without the supplementary data report.
Lidia Quinlan, Head of Sales, OneSearch Direct, comments:
“Every solicitor knows how turnaround times can vary widely by council area, and that some local authorities are causing unacceptable delays. Not only does it create backlogs when caseloads are already at breaking point, it causes massive stress for their clients, and solicitors often bear the brunt of this, receiving constant requests for updates. We’ve created a solution that ties matters up quickly and efficiently, allowing the homebuyer to get settled into their new home, and letting the solicitor get on with their next case.
“There are certain times when a policy such as OneSearch Express plays a vital role in a transaction and, crucially, when lenders absolutely insist on it. Remortgages are a perfect example, when property details are unlikely to have changed since the initial local search was conducted. Lenders are most concerned with any new proposals in the pipeline that might affect the future value of a property, and these matters are the principle records collected in real-time by our experienced data team. This allows OneSearch Express to be returned within 24 hours in most cases.
“If you look at auctions, for instance, completion is generally required within 30 days of the bid being accepted. Similarly with new builds, exchange is typically required within 28 days of the purchase being agreed. For those investing in buy-to-let, clients are eager to transact quickly in order to start receiving a rental yield. It’s very clear to see how OneSearch Express can alleviate many pressures within our industry, and the knock-on effect it can have on conveyancers’ workloads.”
Liz Jarvis, Managing Director, OneSearch Direct, adds:
“PropTech is high on the industry’s agenda at the moment, but in reality Big Data and data-led innovation has been fundamental to our core business for the last two decades. The main thing that distinguishes us from other search companies is our data. We are the only company to possess an extensive database of real-time Local Enquiries information, which we have acquired and nurtured over the course of many years. Our data team has been meticulous in sourcing this information, and we undergo a Triple Quality Check methodology, which is exactly why we have strong partnerships with some of the largest players in the industry, who have complete trust in our datasets. We’re delighted to provide OneSearch Data to Northcott Beaton for this indemnity product range, and I’m excited to see the positive impact it will have on our clients’ caseload.”
Andy Payne, National Business Development Executive, Northcott Beaton, comments:
“Interest in OneSearch Express is already gaining significant traction with solicitors and other organisations, as it combines data and insurance protection that has not been available in the market to-date. The remortgage market shows no signs of slowing, as people look to lock in rates before their anticipated rise. OneSearch Express provides a more valuable solution to conveyancers who already use insurance as it provides the solicitor, the lender, and most importantly the client with a fast, affordable report that is widely accepted by lenders and provides information to update all parties on any changes since the original purchase.”
To find out more about OneSearch Express, call the Service Introduction Team on 01782 433 270, visit http://www.onesearch.direct or call main Headquarters on 0800 052 0117.
For more information on Northcott Beaton, call 01392 426046 or visit http://www.northcottbeaton.co.uk.