Today marks the tentative return of the housing market, with the government giving the green light on the immediate reinstatement of estate agencies, show homes, removal firms and surveyors.
Of course there is optimism that a wave of new transactions will resuscitate our industry and the economy as a whole, however, we must first attend to those who have been waiting patiently for completion over the last seven weeks. Since lockdown restrictions were implemented, more than 450,000 people have been unable to progress their plans to move house. For you, the conveyancer, this could present a real bottleneck as you now face issues with other firms and local authorities who are similarly congested.
We are here to help
We have today grown our Express range to include Commercial transactions (indemnified by Stewart Title for up to £2 million), alongside Existing Residential, New Build Plots and Remortgages (indemnified by Aviva for up to £1 million). Express is an insurance policy which provides an alternative to No-Search Insurance, as it also includes a data report pertinent to a client’s property, typically returned in just 24 hours.
Indemnified by cover of up to £1 million (£2 million for Commercial), along with our £10 million Professional Indemnity policy, OneSearch Express includes cover for:
The data report includes information which could arguably be considered dealbreakers if flagged up, including (but not limited to):
If searches are causing unacceptable delays and the transaction is at risk of collapse…
Express gives you the best of both worlds. You have all the security of a No-Search Insurance policy, with the majority of data (over 70%) that you would typically obtain from local authorities. Express means that you and your client can complete with more confidence, by identifying red flags which might otherwise slip through the net.
Not just a data report
We’ve been able to populate our Express data report due to our in-house data team capturing and storing data since our inception in 1992. We capture local enquiries data at every stage, from initial proposals, public consultations, and committee hearings, to advertisement. By the time any action is authorised, we have a comprehensive backstory in our unrivalled database. And it truly is unrivalled – we’re the only company to hold a national database of most of the available local authority data on every property in England and Wales. No other company has this unique dataset.
Lender Friendly
We know lawyers and lenders like to cover as much risk as possible. Many mortgage lenders will only accept No-Search Insurance providing it “adequately protects” them, and that you are able to certify that the title is good and marketable. This is why our data is crucial in supporting your own risk management practices. The accuracy of our data, and quality check methodology, means our claims history is impeccable.
*where lenders accept searches on the basis the search insurance adequately protects them, and where you are satisfied that you will be able to certify that the title is good and marketable.
A new year brings a barrage of instructions on How To Be A Better You. We’re nearing the end of the month now: how many times have you heard that this is the year you’ll achieve your lofty goals?
We don’t think you need to Be A Better You. We like you just the way you are.
At OneSearch, we like to start the New Year (nay, New Decade) with a period of reflection. For us, 2019 was a year of growth in many ways: new clients, solidified relationships with our valued existing clients and, of course, our acquisition by Landmark Information Group.
In the spirit of contemplation, we’ve created a list of five common conveyancing issues our industry has experienced in the past. We’ve also included our suggestions on how to fix them in 2020 and beyond. Do you recognise yourself in this list?
Issue 1: The sale has collapsed, and you’ve lost the cost of your searches
As reported in Todays Conveyancer, “28.21% of all housing sales fell through in the final quarter of the year raising 2019’s overall fall through rate to 24.42%.” Reasons for fall throughs include gazumping, slow progress, mortgage issues, and chain breaks. Whatever the reason, we know it creates a headache for you.
How to fix it: Your bundles can be protected by our Search Pledge warranty, which means we will reimburse your client’s search costs up to a maximum of £300 if the purchase of their new property falls through. Best of all, this warranty add-on costs only £10. Contact your account manager to add it to your bundles TODAY! Please view sample for full conditions.
Issue 2: You’ve come up against a missing paperwork, or absent landlords, or the Church of England
What should be a straightforward conveyancing transaction has turned into a nightmare, with a missing building regulation certificate or lack of planning permission by a previous owner. You could take a risk that nothing will come of it. You could also end up costing your firm thousands (or hundred of thousands) of pounds, should something go wrong.
How to fix it: Our indemnity policies are relatively inexpensive compared to the risk they cover. Furthermore, when you use the Quick Quote calculator on our online ordering platform, the policies are very straightforward to purchase, taking you from quote to covered in just a few minutes. Depending on your policy, you could be covered well into the millions of pounds, which, without proper cover would be the kind of claim that could cause the collapse of even a well-established firm. Using the correct indemnity policy can help protect your firms PI insurance as well as your client. We say it simply isn’t worth the risk. Click here to learn more.
Issue 3: You’re missing out on repeat clients
You’ve already built a trusting relationship with your client, and they may have every intention to return to you for their next transaction. However, there are various reasons clients can “jump ship”, not least being swayed by other professional or personal recommendations.
How to fix it: We are offering access to Conveyancing Alerts, which notifies your firm when a property you have previously (in the last 6 years) bought for one of your clients is put back on the market for sale. This alert creates a proactive approach in retaining clients across the home moving cycle. Feedback from other firms has been overwhelmingly positive. Former clients have been pleased to have their listing noticed, and have complimented firms on their proactive stance. Being able to remind them of the benefits of instructing your firm again when you already have their purchase file will put you in the best position for securing long-term loyalty. Find out more about Conveyancing Alerts here.
Issue 4: Information overload! Where do you even begin?
Your caseload is fit to bursting, and you’ve just had an environmental report returned in a mammoth PDF file with hundreds of planning applications to filter through. Which ones are relevant? Your eyes glaze over the list, skipping potentially vital information.
How to fix it: You can reduce the time spent dealing with planning related enquiries by using the RiskView online viewer, which comes as standard with the RiskView Residential report. Unlike other planning reports, Riskview is kept down to a minimum – placing the large, homebuyer centric data in the online viewer. This ensures you don’t have to review or print dozens of pages unnecessarily. The dynamic online viewer means your client can use the new date filter to evaluate what’s important to them. You might be surprised that out of hundreds of planning applications, your client is only interested in a few. Find out more here.
After all that reflection, it’s time to look ahead. For OneSearch, if we were to sum up 2020 in one word, we’d say: Expansion. What would your word be? Let us know your 2020 word and we’ll share it with our 3000+ Twitter fans and enter you into a prize draw for a luxury hamper!
If you would like more information on any of the products discussed, please contact your Regional Manager, or call us on 01782 433270 and we’ll be happy to assist you.