In this blog, we will look at how providing OneSearch Pledge can enhance your reputation as a conveyancer and provide considerable peace of mind to your clients that their search costs will not be lost if their transaction does not proceed.
Nearly one in three residential property transactions fell through in 2024 (an estimated 296,204 transactions), with each one estimated to cost the home buyer an average of £3,456; that equates to losses of over £1bn. The wider economic losses due to fall through are estimated at £8.6 billion. The UK’s high property fall-through rate is not just a statistic; it represents a significant risk to your clients’ finances and your firm’s reputation and efficiency.
Consider that for each residential property fall-through:
While the estimates of costs vary, it is clear that the hundreds of thousands of property fall-throughs have an enormous impact on the wider economy, property transaction stakeholders, and potential buyers.
For a fee of approximately £15 per transaction, your clients can be reassured that should their matter fall through, they will receive up to £300 to cover their search costs. Given that the average cost of searches is around £400, this will return most of their search-related costs.
Offering a solution like OneSearch Pledge can really create a point of difference for your conveyancing practice, i.e., that you care. Many purchasers want to know that if their matter falls through for reasons outside of their control, they will not be financially out of pocket as a result. Not only does providing the assurance of Pledge show that you are committed to client care, but there will be a corresponding reduction in complaints and disputes arising from aborted transaction costs. Depending on your business model, you may choose to pass on the fee for Pledge or absorb this within your own costs in the knowledge that it may encourage more clients to choose your lower-risk offering.
As far as the client is concerned, they simply need to tick the option to be covered by Pledge. There is no application form, detailed paperwork, or investment of their time. In the event that they need to claim against their Pledge warranty, all they need to do is inform their conveyancer, who will advise Onesearch. If the claim is approved, the amount is paid to the client within 15 working days.
The exceptionally high level of fall-throughs in 2024/25 means that the risk of losing search fees is significant. While some customers will feel that they can absorb the cost of lost search fees if their matter falls through, many will not because they cannot afford to lose hundreds of pounds due to factors outside their control. By providing the peace of mind that Pledge provides, your conveyancing firm can demonstrate its commitment to customer care and respect for the precious financial resources of clients. We have made Pledge as simple as possible for all stakeholders – one small fee, no paperwork, and an easy claim process.
How can I help my client understand the value of Pledge?
Many home buyers may take the view that the risk of their purchase falling through is negligible. It is important to explain that the rate of aborted transactions is much higher than people think (i.e. nearly one-third in 2024). Furthermore, there is no guarantee that any subsequent purchase transactions will go through the first time. As a result, the fees for aborted transactions may start to add up. The fee is extremely small in the grand scheme of the purchase, but having a pledge means that they won’t waste money that can be put towards searching for a future purchase.
Will Pledge reimburse the seller if the seller pulls out?
Any OneSearch fees will be reimbursed to the buyer if the seller pulls out of the transaction. Specifically, we will cover the search fees if the seller is not in a legal position to sell the property or they accept a higher offer from another buyer and the home buyer is not willing to increase their offer in response.
Will Pledge reimburse the buyer if the buyer pulls out?
Any OneSearch fees will be reimbursed to the buyer if they need to pull out of their purchase for a wide range of reasons, including:
For a full list of the criteria for reimbursement and situations not covered, please click here.
Is Pledge an insurance product?
No, Pledge is a warranty add-on offered when purchasing a bundle of searches OneSearch Direct only.
OneSearch is an expert partner to conveyancing professionals, offering innovative and practical solutions to navigate the complexities and risks of the UK property market. For more information on OneSearch Pledge and what it can do for your firm and clients, please complete the contact form at the bottom of the product page or contact our team directly by email: cs@onesearchdirect.co.uk or phone: 0800 052 0117
Whether you’re a new customer or just need a refresher, these quick guides will help you get the most out of our services.
We’re committed to providing you with the best possible experience, and these videos are just one more way we’re making it easier for you to do business with us.
You can find these new videos, along with our full library of helpful guides, on our official YouTube channel.
We hope these resources help streamline your ordering process and enhance your experience with us. Do you have any other video topics you’d like to see covered in the future?
The conversation unpacks the crucial ‘golden triangle’ of technology, people, and processes, emphasising that all three must be harmoniously integrated and invested in for effective AML. Tom shares his perspective on how the residential property sector has notably adapted to tightening AML pressures, even setting a precedent for other industries. Looking ahead, the discussion touches on the future of AML, including reducing duplication, the continued evolution and wider adoption of technology, the potential of Open Finance, and the ultimate aim of making UK property a robustly defended hard target against illicit funds.
To watch the webinar which accompanies this audio podcast, please click here.
To listen to more Landmark Talks Property episodes on Spotify, click here.
To find out more on Armalytix please visit armalytix.com
Variations in council turnaround times, report formats, and pricing can introduce unwelcome friction into your workflow. What if you could rely on a consistent, clear, fixed-price report backed by substantial PI cover, regardless of the property’s location? It’s time to look closely at the advantages Regulated Local Authority Searches offer and how they directly address these common challenges.
Meeting the needs for consistency, clarity and reliability is the core purpose of OneSearch Prime, our flagship Regulated Local Authority Search. As the product underpinning our longstanding success, OneSearch Prime is specifically designed to overcome the inconsistencies you face.
It provides comprehensive insights presented in a clear, uniform format at a fixed price no matter the Local Authority, bringing predictability to your disbursements. Furthermore, it’s backed by £10 Million PI cover for your peace of mind and is accepted by the vast majority of UK lenders.
Let’s address a persistent myth head-on: the idea that Regulated (Personal) local searches are somehow less reliable or comprehensive than their official council counterparts is an outdated view, which fails to recognise the rigorous standards of modern, data-centric providers.
High-quality regulated searches, like OneSearch Prime, access and interpret the same core Local Authority data sources. The key difference lies in the meticulous quality control processes, enhanced data presentation for clarity, and the backing of significant professional indemnity insurance – like our £10m PI cover. Our confidence in the dependability of OneSearch Prime is built on over 30 years of specialist data handling experience, ensuring you receive accurate reports that meet lender requirements.
Here are seven reasons to choose OneSearch Prime Regulated Local Authority Searches:
Stop navigating the friction of variable search costs, inconsistent reports, and reliability concerns that can slow down your conveyancing process. OneSearch Prime provides a clear path forward: a regulated Local Authority Search meticulously designed for today’s demands. It delivers nationwide fixed pricing for budget certainty, dependable accuracy built on 30+ years of data expertise, user-friendly reports for faster analysis, robust £10m PI insurance for peace of mind, and dedicated UK-based support when you need it. It’s the smarter choice for efficient, confident conveyancing.
Take the next step towards smarter searches. Register with OneSearch to start ordering today.
As an essential component of every property deal, OneSearch Prime provides comprehensive insights into a property’s potential issues, allowing you to make informed decisions and avoid costly delays. Whether you’re handling residential or commercial transactions, OneSearch Prime is your go-to resource for accurate and reliable information.
For product cards, sample reports, or to include OneSearch Prime in your next order, click below.
Landmark’s Q1 2025 Residential Property Trends Report is now available.
Our data for Q1 ‘25 reveals signs of a resilient market and a stable transaction pipeline emerging following the spike in completions ahead of the Stamp Duty Land Tax (SDLT) reversal deadline in England and Wales.
Completions rose by 30% over the quarter, with a 71% year-on-year surge in March alone as buyers rushed to complete. Beyond this much-anticipated bubble of activity, underlying indicators point to a more resilient property market heading into Q2.
The Scottish property market continued to hold firm, avoiding any notable market distortion following changes to Land & Buildings Transaction Tax (LBTT – the Scottish equivalent of SDLT).
Other key findings from Q1 ‘25 include:
Download your copy of the Cross Market Activity edition for England, Wales and Scotland, which includes the latest residential property market data and insights for Q1 2025.
The reports are designed to help commercial real estate professionals reduce the time spent interpreting data and access the information they need more easily.
Landmark’s remastered commercial reports feature unmatched data and clearly defined assessments that empowers commercial property lawyers to navigate the detail seamlessly. With enhanced clarity, they’ll provide all the relevant information to power confident decision-making.
Landmark engaged with a large number of commercial property lawyers to shape the design and product brief. The overwhelming response was a call for reports that are more precise, easy to understand and easily direct you to the detail when required. Based on this valuable feedback, Landmark have refined the new commercial reports to be simple, straightforward, but with the most comprehensive information.
To view the remastered catalogue, click the related products links below. For details on Landmark’s new residential portfolio offering, click here.