High-Class Urban Report Protects City Conveyancers Professional Indemnity
Exclusively placed in the industry, DevAssist have designed the only reports of their type in the UK which audits sites for development risks and opportunities.
Their senior team are uniquely placed to serve the legal industry due to having a vast amount of knowledge in the property, planning and development industries.
DevAssist can substantially improve legal advisors’ customer service levels and in turn, provides valuable clarity to asset buyers/sellers by making purchases safer and removing development risk.
DevCity is a new, ground-breaking product which provides a unique and enlightened view on development risk in urban locations.
Who should use DevCity?
This bespoke report should be used by all conveyancers on residential or commercial properties under 1 acre. However, it would be prudent for clients themselves, who are planning on buying in an urban area to fully investigate developments within the city they plan on buying property too.
What is DevCity?
Major urban locations are constantly evolving and will always be impacted by major development, especially the big cities in England and Wales regions. Our ultimate report for city property buyers investigates development risks commonly associated with city living, for example, roof-top extensions, major high-rise development and basement extensions in the surrounding area.
A DevCity report is delivered in 3 working days and these highly expensive and risky areas are assessed in two stages – the first stage looks at the planning history of nearby structures, the 2nd stage looks at any other pending applications in the surrounding area before exchange. Just prior to exchange, the assessment is updated with any information from the Freedom of Information Act to expose any other awaiting applications or pre-consultations that have taken place in the short-term.
Why is it a vital product?
Conveyancers will have reassurance that they are not under or over selling their clients’ assets as a change to the value of a property can be conveyed to the seller/buyer before the transaction takes place. The report also seeks to protect conveyancers’ professional indemnity and helps solicitors achieve the best outcome for their clients.
This top-end report gives an in-depth understanding of any developmental risk as it specifically looks at city planning, development trends, property values within cities as they evolve and redevelop that could impact a property in a city. A seller or buyer can be informed of any unforeseeable changes to the value of the property before the transaction takes place.
Purchasers and investors have a 20% chance of experiencing major or significant change in London. In Manchester, it’s an incredible 42%.
A case which highlights the need for a DevCity report was homeowners of a mansion block in an exclusive street in Bloomsbury, London.
The mansion apartment was ready to sell, but planning permission was given for the un-excavated basement space below. This meant substantial noise and building work, and considerable disturbance to the residents who lived above and possibly the seller of the above apartment may struggle to sell when this construction inevitably takes place.
With our ever-growing population resulting in more crowded cities, the Government is constantly calling on houses to be built – this urban based search helps conveyancers have a clear picture before contracts are exchanged and helps purchasers have confidence in their solicitor to make an informed decision when buying their inner-city home.
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.