DevAssess Premium – why you need to include this search
DevAssist are the only company who audit locations to provide unique and valuable insight into development risks and opportunities.
Serving the legal industry, their management team are uniquely placed to assist the property sector due to having decades of experience in the property, planning and development industries.
DevAssist can vastly improve solicitors’ service levels and in turn provide valuable clarity to property buyers by making purchase safer and eliminating development risk.
Their new product, DevAssess Premuim provides a comprehensive report that has greater depth of information on potential development.
What is DevAssess Premuim?
A highly recommended report for any property transaction which ultimately exposes any risk of planned development, looking at all possible eventualities to aid decision making.
The report is for risk-adverse property purchases up to 40 acres and studies 75m from the perimeter of the property to search for any possible development risks. Searches for properties with land beyond this area can also be carried out, with the price provided on application.
This more in-depth report can also reveal alternative exit strategies for the buyer/investor/lender in the future and potential hidden value in properties.
DevAssess Premium can also deliver your report in 3 working days as opposed to 5 days with the DevAssess basic assessment.
Why is it a vital product?
Purchasing or investing in property is a major financial decision and in no means taken lightly, DevAssess Premium goes the extra mile with additional in-depth investigations in comparison to its standard DevAssess counterpart.
The report gives a thorough understanding of any developmental risk that could impact a property. A seller or buyer can be informed of any unforeseeable changes to the value of the property before the transaction takes place, which protects professional indemnity insurance from the danger of under or over selling a property.
Furthermore, it enables the client to see that the conveyancer can show due diligence as any potential risks will be flagged by the report, enabling the buyer/seller to foresee development in the surrounding area of the property that would affect the price of the property at the time of the purchase. This premium report arms solicitors with confidence and provides cover so they will not be held accountable.
Who should use it?
All conveyancers who are working on residential/commercial property transactions with up to 40 acres of land and any buyers, sellers, investors and lenders who are associated with the same.
A DevAssess Premium search can also be carried out for properties with land beyond 40 acres – email [email protected] to find out more.
A case was brought to light last year which highlights the need for DevAssess Premium’s professional opinion. In the Orientfield Holdings v Bird & Bird LLP EWCA 348 case, the sellers’ solicitors suggested using a ‘Plansearch’ but this report only showed planning applications in the area.
If a search of the Local Authority’s records were used, it would have revealed a major redevelopment proposal of two existing schools to create a six-storey academy.
The buyer found out about the redevelopment between exchange and completion and pulled out of the contract because of misrepresentation by the sellers. It finally resulted in the buyer suing Bird & Bird solicitors for negligence.
DevAssess Premium provides a much more detailed analysis and expert opinion whereas a ‘Plansearch’ would not. This case highlights the importance of getting expert advice as it takes the burden of responsibility away from solicitors because if a wrong decision is made, as in the case of Bird & Bird, the repercussions can be costly.
For more on this case click here: http://www.bailii.org/ew/cases/EWCA/Civ/2017/348.html
This article was submitted to be published by DevAssist as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.