OneSearch Direct, the largest local authority data search company in the UK, has today officially announced the re-fresh of its popular OneSearch Remortgage search and insurance solution aimed at conveyancers. OneSearch Remortgage which was originally launched 10 years ago, uses real-time data for remortage searches and comes with a comprehensive insurance for Local Land Charges.
“Many remortgage insurance policies used by conveyancers only cover advances of up to £500,000,” explains Ronnie Park, Managing Director of OneSearch Direct. “However, with the remortgage market seeing a significant uplift in recent months, and with property prices ever on the rise, our professional indemnity cover of up to £2million offers peace of mind to conveyancers dealing with higher-priced residential property purchases.
“Unlike a standard Local Search, OneSearch Remortgage does not contain Local Land Charges; this part is insured instead,” continues Park. “This is because these items are less likely to have changed since the initial local search was conducted back when the property was purchased. Typically lenders are more interested in any new proposals in the pipeline that might affect the future value of the property. These matters (such as notices, orders, proposed road and traffic schemes and planning applications etc.) are the principle records collected in real-time by our data team.
“We have been providing private searches for more than two decades,” continues 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 this means we can usually offer remortgage searches within 24 hours, speeding up and improving the accuracy of the remortgage searches.”
OneSearch Remortgage is competitively priced at only £24 including VAT and benefits from £2million professional indemnity cover.
“If the remortage market continues to maintain the growth seen in recent months, OneSearch Remortage will offer a valuable solution to conveyances,” confirms Park. “While some solicitors and lenders already use insurance, our solution is superior as it offers accurate quality assured data to supplement it, allowing further inquiries to be made if potential issues are revealed.”