Search Acumen, the property data insight and technology provider, has launched a new report aimed at helping real estate lawyers to identify risk early on, progress transactions more efficiently and better manage the sharp rise in demand in the UK’s property market.
Data Snapshot has been launched at a time when the market is experiencing a “mini boom” with Government support helping to bolster demand.
Search Acumen is simultaneously enhancing its real estate due diligence platform, ForeSite, by adding new datasets to arm lawyers with crucial information to mitigate risk and act earlier on behalf of clients. Lawyers will be able to access additional insights on areas of conservation, local nature reserves and highways.
This digital-first approach avoids delays and reduces uncertainty by equipping law firms with the data they need to make faster risk assessments and provide better advice upfront.
Rapid risk assessment without the wait
Search Acumen’s new Data Snapshot builds on the accelerated progress made in digitising the industry over the past few months. It is designed to preview and assess crucial property information at the very start of the due diligence process before a search has even been placed, enabling real estate lawyers to identify risk and equip their clients with essential information instantly.
The reports contain a composition of titles and over 45 sets of relevant and important property data, following new data layers being added to the ForeSite platform. Real estate lawyers can then share the report directly with their clients, cutting time and progressing transactions more swiftly.
Data Snapshot allows for rapid risk assessment that accelerates current transaction timelines as soon as a potential buyer registers their interest in a property or site. Lawyers can give clients early and well-informed insights into potential issues through a helicopter view of critical facts. They can then take steps to help their clients make educated decisions about how to progress.
Digital innovation has been vital to the property market’s recovery under Covid-19 and Data Snapshot is a key part of the shift towards improved data access for legal firms. It will bring long-term benefits to the currently outdated transaction process by working towards a modern industry steeped in the consumption of up-front property information.
Immediate, efficient and intuitive experience
Whilst searches continue to vary in waiting times, each Data Snapshot is available on demand and draws on essential insight available via Search Acumen’s ForeSite real estate platform. The output provides an overview of a range of physical, environmental, infrastructure and legal risk factors – including new data on areas of conservation, local nature reserves and highways as well as anything that could affect development such as planning, public rights of way and ownership rights.
The launch marks a further step in the UK property market’s digitisation, with better use of data and technology enabling a transition away from traditional PDF searches in the due diligence process to a more immediate, efficient and intuitive experience.
It opens up the potential at some point in the future for new data standards supported by appropriate warranties, to entirely remove the requirement for cumbersome manual searches − improving speed and control over property transactions.
Andrew Lloyd, Managing Director at Search Acumen, comments:
“Amid the significant challenges posed by Covid-19 and the sharp rise in demand fuelled by government support, it is essential the property industry comes together to think differently about how we can support the market to continue functioning for commercial buyers in a safe, secure and responsible manner.
“Data Snapshot is an innovative example of seizing the potential of data and technology at our fingertips and has already been adopted by forward-thinking firms. Property lawyers depend on data to ensure their clients are fully informed and that’s why as soon as a useful digital property dataset is available, we work hard to make it readily accessible.
“It’s a timely revolution of property due diligence – helping real estate lawyers to progress transactions by providing them with real-time data and enabling them to better assess risks and advise their clients.
“This leap forwards in due diligence offers much more than just a short-term fix for property transactions. Better use of data and technology is crucial in tackling the surge in property demand. Firms adopting digital innovations are best placed to lead the market into a ‘new normal’ by providing better advice and service to clients in the long-term.”