OneSearch Direct, the largest local authority data search company in the UK, has now officially launched ‘Assured’ its new complete conveyancing and protection solution. The comprehensive search package which will be provided to the public by conveyancing lawyers thorough the UK, includes the three key regulated searches for, Local Authority, drainage & water and environmental and uniquely is backed up by a free residential abortive transaction insurance policy underwritten by DAS, Europe’s leading legal expenses insurer. The package which is the first of its kind to be seen in the UK, offers clients cover of up to £1,500 for failed property transactions.
“It is estimated around a third of residential property transactions fail to complete,” explains Ronnie Park, managing director, OneSearch Direct. “If the property market heats up again, we may see the return of ‘gazumping’ and this could exacerbate the problem. In addition, often it is the local authority searches which can hold up exchange at the last minute resulting in stressful and expensive experiences for clients.
“Our new Assured complete conveyancing and insurance solution now protects individuals from financial loss if a residential property transaction falls through for reasons beyond their control,” confirms Park. “However, the solution also now enables conveyancing lawyers to order searches early without fear of abortive costs, smoothing the process of property transactions.”
The Assured policy is free if the local, drainage, water and environmental reports are purchased through One Search Direct.
“As the largest local authority data search company in the UK we have been providing private searches for more than two decades,” confirms Park. “Over the years we have invested around £10 million in the integrity of our data set and we have more than 30 people permanently employed to ensure information is updated on a daily basis. We are now leading the way as the real-time ‘property data experts’ and by adding the new Assured insurance policy, we can now allow clients to feel reassured, knowing that the returned costs for failed property transactions can be put towards their next purchase.”
The residential abortive transaction insurance covers all legal expenses up to £1,500 and includes: conveyancing fees, mortgage arrangement fees, lender fees, valuation report, survey fees, legal fees and disbursements. The product has been approved by Legal Eye, the leading legal compliance specialist.
Jaunita Gobby, Director, Legal Eye comments: “This is the first time that a recognised international insurance company has enabled its product to be bundled with property searches in this way. For conveyancing lawyers the solution can help provide a best practice approach, allowing searches to be ordered early without fear of abortive costs. At the same time, clients are offered protection at an unparalleled level on the key aspects of a purchase transaction.”