Environmental information and data intelligence provider aims to combat growing property search costs with the introduction of a reliable low cost option
In an aim to challenge growing property search costs Terrafirma, an expert provider of environmental information and data intelligence, has launched The Assure (2018) Certificate, a low cost pre-screening certificate which provides confidence to all parties in the conveyancing process by identifying whether a property is at risk to known mining or natural ground stability hazards.
“Unlike other search providers Terrafirma’s range of mining and ground stability searches start at the pre-screening stage providing a simple free search using spatial data that is property specific to indicate whether a property is as risk,” says Tom Backhouse, founder and CEO, Terrafirma. We estimate that 30% of properties do not require a comprehensive search but recognise that lawyers and our clients still need that seal of confidence, but this needs to in the form of a realistic and cost-effective option. The Assure Certificate affirms our pre-screening process, is backed by our comprehensive terms and conditions and even provides an extra layer of protection in coal-mining and brine areas.”
Priced at £15 + VAT, the Assure (2018) Certificate is instantly generated by Terrafirma’s TerraSearch property risk platform and is provided when a location is identified to be outside of the ‘Affected Areas’. These ‘Affected Areas’ cover all known and potential mining and ground perils reflecting best practice guidance on mining and natural ground perils in the 25th Edition Conveyancing Handbook.
The TerraSearch platform screens for all mining and natural ground hazards including tin, metalliferous, limestone, chalk, gypsum, clay, brine, Bath Stone, landslips, compressible ground, clay shrink-swell subsidence, soluble rock, running sands and collapsible deposits. If no ground hazards are found an Assure Certificate is issued which is covered by our comprehensive terms and conditions with £10 million Professional Indemnity Policy (per Assure) and a loss of value insurance of up to £50,000 for coal and brine data. The Assure (2018) adheres to The Search Code as regulated by the Property Codes Compliance Board and is available across England, Scotland and Wales.
For further information on the Terrafirma Assure Certificate visit www.terrafirmasearch.co.uk or call 0330 900 7500.