Returning to the pavilion for a second year, OneSearch hosted a corporate hospitality day at St James Street in Taunton. Quickly gaining a reputation as the South-West’s next big event after Glastonbury and Cooper’s Hill Cheese Rolling, the event was a resounding success as guests witnessed Somerset CCC claim a decisive victory!
James Shepherd, Regional Sales Manager for OneSearch, posted: “There aren’t many better ways to sign off a week then hosting a fabulous bunch of property lawyers in the OneSearch box raising a glass to Somerset County Cricket Club cruising to a comfortable win over Lancashire! An absolutely brilliant day. Same time next year đˇđˇđđ”
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 conveyancerâs 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:
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 â 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 propertyâs 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 âFurther Actionâ on a property, it is on the conveyancer to dig deeper, to act further.
The strong winds and torrential rains of Storm Babet made landfall on 18 October 2023. Storm Babet was named after a woman who visited a Dutch weather agency KMNI open day and asked for her name to be used âbecause [she] was born during a storm.â
⢠7 killed ⢠2,146 properties flooded ⢠100,000 people affected by power cuts
Most affected: East Scotland, Derbyshire, North Wales, County Cork.
Environment Agency (EA) confirmed 100,000 properties were protected with 20 high-volume pumps and five small-volume pumps deployed across several sites. EAâs flood warning service sent out over 300,000 messages by email, telephone and text during Storm Babet.
The impact on businesses
Inchcape JLR dealership in Derby, which opened in 2019 on the cityâs former cattle market, closed due to damage caused by the River Derwent flooding.
It was reported that despite Environment Agency concerns the âdealership would end up under two metres of water â or more â in a âone in 100-yearâ flood,â Derby City Council had approved the development.
Landmark pulled an Argyll Environmental report on the dealershipâs site, and the data is clear: the development site was at moderate to high risk of flooding with moderate groundwater, surface pluvial and other factors putting it at risk of flooding. There is even considerable history of flooding in this location, which would make insuring the plot challengingâ and certainly expensive.
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 weâd 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 â24 vs Q2 â19. In Scotland, there was a slight decline in listing levels versus Q2 â19 with volumes down 4%.
In England and Wales, SSTC volumes in Q2 â24 continued at Q1 levels – 32% lower when compared to Q2 â19 volumes. In Scotland, SSTM continued to slow, down 16% in Q2 â24 vs Q2 â19.
In England and Wales, completion levels in Q2 â24 remained the same as Q1 â24 – 41% down vs Q2 â19 volumes. In Scotland, completion volumes were down 5% in Q2 â24 vs Q2 â19.
Download the report to discover the latest trends impacting the residential sector in Q2 2024.
The Exeter Property Circle Annual Summer Party took place on 13th June, and OneSearch were in attendance to meet, greet, and pass round the canapĂŠs!
After the event, OneSearch’s James Shepherd said: “The sunshine may not have come out to play for the Exeter Property Circle Summer networking last night, but, at least everyone else did! Was an absolute pleasure for OneSearch to sponsor such a fun event at the lovely Southernhay House Hotel. Great to meet some new faces across the region as well đžđĽâ”
UK conveyancing firms and law firms are under ever greater scrutiny to carry out rigorous Anti-Money Laundering (AML) checks, and for good reason. According to Europol, 70% of criminal enterprises now use money laundering techniques to hide their âill-gottenâ gains.
In response, the SRA has massively âupped the anteâ in the past 12 months, ramping up desk-based AML compliance assessments, resulting in record fines in 2024. So, the question is, what can you do to ease this burden on your business while ensuring consistent AML compliance when dealing with international clients?
Enhanced AML checks for international clients
One of the main challenges for conveyancers in 2024 is knowing exactly when to carry out enhanced AML checks for international clients and how to do so effectively and efficiently.
Remember, you must complete EDD AML checks when dealing with a customer who is not physically present when carrying out ID checks (e.g. international clients), a âPolitically Exposed Personâ (PEP) from a high-risk third country identified by the EU, or presents a higher risk of money laundering.
What are the challenges of vetting international clients?
Carrying out AML checks on international clients to the standard required by the SRA and CLC can be especially challenging, because:
Your staff may never meet the client in person
There may be language barriers
Domestic checking processes, services and software may not work for clients in other countries, and
It can be difficult to establish the Ultimate Business Owner (UBO), the Source of Funds (SOF) or if the person is a PEP or on a sanction list in another country.
Due to these challenges, there is a high risk of wrongly identifying or failing to recognise an individual as a high AML risk.
How can I ease the burden of international AML checks?
Using systems and processes designed for a domestic clientele to deal with international clients is a risk to your business. Easing the burden of international AML checks requires âfit for purposeâ systems, processes, and training geared specifically to international clients.
While your staff may be familiar with how to spot AML âred flagsâ for domestic clients, they must also be trained on how to do this for international clients. Likewise, you must have AML conveyancing processes and workflows for onboarding and the ongoing monitoring of international clients. Remember that not all third-party AML services and software are capable of handling international client AML checks.
Implementing an automated workflow AML solution that can handle both domestic and international clients is key to reducing the administrative burden and AML risk for your business.
Introducing OneSearch AML for International clients
OneSearch International AML with Facial Recognition is a new, easy-to-use technology solution for conveyancers with overseas clients which will easily integrate into your existing systems. OneSearch International AML with Facial Recognition provides:
A combined digital ID verification and real-time facial recognition capable of dealing with clients in other jurisdictions
International PEP and sanction screening using real-time information from over 350 datasets, including domestic and international government websites and public transparency projects.
Adverse media screening
Law enforcement and Special Interest Person (SIP) screening for international clients and
Headshots for PEPs sourced from official international government websites to reduce false positives during the PEP screening process.
Final words
Without fit-for-purpose training, processes, and systems to deal with international clients, it is all too easy to miss money laundering red flags and risks, which can lead to fines and serious reputational harm. With OneSearch International AML, you can relax knowing that your firm is meeting its AML regulatory requirements, and any AML risks will be picked up early or at any point throughout the transaction.
