The new product provides immediate access to all relevant property due diligence information necessary to progress a transaction in the absence of an official local authority search.
The insurance provides cover to both the buyer and lender for up to £5m incurred as a result of adverse entries that would have been revealed by an official local authority search, which subsequently lead to an actual loss.
The ‘Data Snapshot + Insurance’ product enables lawyers and their clients to avoid the current wait times for traditional searches.
It has been launched at a time when the market is experiencing heightened delays with stamp duty relief putting unprecedented pressure on local authorities, which are in some cases being forced to close due to the lockdown.
With the insurance, this digital approach to due diligence enables lawyers to conduct risk assessments more efficiently, with the peace of mind that the client and lender will be protected in the event that adverse entries would have been revealed by an official local authority search as at policy date.
Furthermore, Data Snapshot enables access to property data crucial to the transaction process instantly, enabling conveyancers to share the report with clients in minutes according to Search Acumen.
Each Data Snapshot is available on demand and draws on essential insight available via Search Acumen’s ForeSite real estate platform.
Andrew Lloyd, managing director at Search Acumen, said: “With the challenges of progressing property transactions showing no signs of abating, it is essential that all parties come together to find solutions if we are to keep the market functioning for buyers in a timely but also safe and responsible manner.
“Data Snapshot + Insurance combines innovation with security.
“For too long we have relied on outdated processes out of fear of doing things differently.
“Our approach enables lawyers to embrace a digital mindset and an agile approach to combatting the current delays in the system while continuing to minimise risk for clients.
“This approach is not a stop gap but a solution to making the property market more robust and able to sustain unplanned events in future.
“The whole industry is needed to forge a modern industry steeped in the consumption of data to the benefit of clients and the UK economy.”
