Identify Development Risks and Hidden Value
Purchasing the right residential or commercial property is a significant decision for many owners or investors. That’s why Searches UK recommend conveyancing solicitors alert their clients about the benefits of the DevAcquire report from DevAssist.
The DevAcquire report ensures that your clients understand the risk and likelihood of development impacting the property and also looks to make sure that the assets underlying value will not be affected by development. The property may also benefit from development potential in part, or in its entirety, which we are sure many clients would like to be made aware of.
This well detailed and reputable report is suitable for commercial and residential properties of more than half an acre.
- It will study historic and current planning data obtained from either Landmark or Groundsure
- Any relevant planning applications, development allocations, proposed traveller sites, etc. will be disclosed clearly to the end user. Where available plans and other supporting evidence will be attached within the completed report
- Consideration will be given to any competing businesses that are proposing to operate in the close vicinity
- Any local proposals that could impact upon trade or impact the working environment will be disclosed
- A 75m buffer will be shown from each and every boundary that will be studied to identify any development potential that could impact the subject property. An assessment of the likelihood of such sites being developed will be undertaken. Density predictions detailing how many units a site could support will also be provided
- Any identified sites will be assessed to establish the likely impact upon the subject property if developed. Any development risks, past present and future will be reported on.
Lisa Summerton, Sales Director, at Searches UK said:
“Future development is inevitable. With this in mind, Searches UK recommends that conveyancing solicitors consider what may change in the future through using expert development risk and future planning reports. The DevAcquire report improves due diligence and supports buyers in considering all factors of the property before committing to a purchase.”
Selecting and buying the right property can be a lengthy and costly process. Once your client has picked their new home, it is important they are aware of any potential changes within the surrounding areas before proceeding with their purchase.
The impact of new planning proposals could be substantial. They might ruin the view from the property, reducing your client’s potential enjoyment of the property. The value of the property may also be affected, positively or negatively, by the possible development of land and property around it. By combining current planning information with a professional opinion about future development opportunities, a DevAcquire Report provides a unique and enlightened view, will enhance your due diligence and can help your client make an informed decision before they exchange.
For more information about any of the products and services from Searches UK visit their website and follow them on Facebook, Twitter, LinkedIn or Google+. Alternatively call them directly on 0800 043 1815 or email them at [email protected] to speak to one of their dedicated team today.
This article was submitted to be published by Searches UK 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.