The potential dangers of contaminated land do not stand out to prospective purchasers when the door opens on the property of their dreams, spruced up and dressed for sale.

However, neglecting to investigate potential contamination on a property could spell trouble for buyers and the environment. Failing to conduct due diligence might mean hefty clean-up costs, health risks and legal issues for the new owners down the line. The spread of contaminants could harm not just the property but also the homes of neighbours and the local community.

It is the conveyancer’s responsibility to ensure home movers are fully aware of and safeguarded against the financial and environmental hazards associated with contaminated land.

The importance of due diligence

Bypassing environmental assessments to speed property transactions and reduce costs is both a false economy and dangerous. The Law Society notes:

“…you should consider in all conveyancing transactions whether land contamination is an issue.”

The only way to identify contaminated land issues is with an environmental search.

Should the environmental search expose contaminated land, the Environmental Protection Act applies the polluter pays principle, which aims to charge the original contaminator, but that is not always possible. There is strict liability on property owners for remediation costs, regardless of when the contamination occurred – even if the owner takes on the property decades after the contamination happened and the original contaminator cannot be found. Failing to disclose known contamination issues can also expose sellers and conveyancers to legal action for misrepresentation.

There are instances in which the costs for dealing with the contamination have exceeded a property’s market value, and that has plunged new private owners into negative equity and turn a dream forever home into a millstone. The importance of technical and legal due diligence regarding contaminated land cannot be understated. Where an environment search throws up a ‘Further Action’ on a property, it is on the conveyancer to dig deeper, to act further.

Article originally published by Landmark Information Group

The latest data from Landmark reveals that listing volumes are averaging 6% higher than in Q2 2019 which we use as the benchmark year, indicating that supply is the strongest it has been in years.

However, transactions are struggling to progress to completions, reflecting ongoing affordability issues driven by high interest rates and the uncertainty of a General Election. Sold Subject to Contract (SSTC) levels are down 32% compared to Q2 2019. Similarly, completion rates, despite showing moderate growth in May, remain around 40% below where we’d expect in normal market conditions.

Despite these challenges, the data suggests that the market is poised for a potential upturn in the latter half of 2024, provided economic stability improves and systemic inefficiencies are addressed by the new Government, alongside the wider industry.

Notable headlines in England, Wales and Scotland from Q2 2024 include:

• In England and Wales, listing volumes were up 6% in Q2 ‘24 vs Q2 ‘19. In Scotland, there was a slight decline in listing levels versus Q2 ‘19 with volumes down 4%.
• In England and Wales, SSTC volumes in Q2 ‘24 continued at Q1 levels – 32% lower when compared to Q2 ‘19 volumes. In Scotland, SSTM continued to slow, down 16% in Q2 ‘24 vs Q2 ‘19.
• In England and Wales, completion levels in Q2 ‘24 remained the same as Q1 ‘24 – 41% down vs Q2 ‘19 volumes. In Scotland, completion volumes were down 5% in Q2 ‘24 vs Q2 ‘19.

Download the report to discover the latest trends impacting the residential sector in Q2 2024.

Last week, our parent company Landmark Information Group turned 30! 🎉

To celebrate the big 3-0, staff up and down England and Scotland were in party mode with fun days in each office, which included breakfast, games, and a team walk, and OneSearch were no different!

“Our goal is to make property transactions feel effortless – for everyone.  We’re redefining what’s possible and plan to be at the forefront of innovation for many years to come.”

– Landmark Information Group

🏠 Here’s to the next 30 years of streamlining transactions and transforming the property industry!

Read more here

The Q1 2024 release of Landmark’s Residential Property Trends Report is now available. This report contains the most recent data from the residential property transaction pipeline, covering listings, SSTC/SSTM, searches ordered and completions. 

Our latest data gives reason for cautious optimism: listing volumes remain strong, building steadily through Q1 ‘24 in England and Wales. Listing numbers in Scotland also began on a positive footing. 

Key findings from Q1 ‘24 include: 

• In England and Wales, listing volumes in Q1 ‘24 were up 5% vs Q1 ’19. Listings in Scotland were down just 2% in Q1 ‘21 vs Q1 ‘19.  
• SSTC volumes in England and Wales for Q1 ’24 tracked 32% below Q1 ‘19, with SSTM levels in Scotland 22% down vs Q1 ‘19.
• Completion volumes in England and Wales for Q1 ‘24 were down 41% compared to Q1 ‘19 levels. In Scotland, completions were down 2% in Q1 ‘24 vs Q1 ‘19. 

Download the Cross Market Activity edition covering England, Wales and Scotland, unveiling the latest residential property market data and insight for Q1 ‘24.  

We trust you’ll find this report to be a valuable guide as we move into the second quarter of 2024.

 

OneSearch is delighted to be sponsoring the Conveyancing Firm of the Year North category at the 4th Annual British Conveyancing Awards, taking place in London on Tuesday 12th March.

The British Conveyancing Awards is about bringing people together and recognising the excellent firms and organisations who stand out from the rest. The event will additionally be live-streamed via the British Conveyancing Awards website.

Our Head of Sales Operations Robin Wells will be in attendance on the night to present the deserving firm with the award, and will be supported by his OneSearch colleague James Shepherd, as well as other representatives from the wider Landmark family.

Alongside OneSearch, our LIG sister companies are also presenting awards, including:

• Conveyancing Firm of the Year South: Sponsored by SearchFlow
• Conveyancing Firm of the Year Midlands: Sponsored by Ochresoft
• Conveyancing Firm of the Year National: Landmark Information Group

On behalf of us all at OneSearch, we wish all the nominees the best of luck, and we look forward to seeing you on the night!

To find out more on the Awards, please click here.

Our latest Residential Market Research is now available.
 
Recently, Landmark interviewed 100 residential property solicitors and conveyancers in England, Scotland and Wales. We spoke to managing partners, heads of residential property law, fee earners, residential property solicitors and other directors. 

We gained invaluable insights into the residential property market, and it showed us what’s currently of concern to conveyancers and where they see future opportunities to help drive the success and profitability of their business. 

For example, within the last 12 months, incomplete information has meant our respondents have needed to raise enquiries in an average of 46% of cases, hence perhaps why 53% say having upfront information to assess the complexity of the work would have the biggest impact on profitability.