Terrafirma launches new comprehensive ground risks and liabilities report
– The Terrafirma Ground Report includes expert professional opinion, risk assessment and risk transfer on all potential ground risks –
11th September 2018 – Terrafirma, an expert provider of environmental information and data intelligence, today launched The Ground Report, a risk and liabilities report designed to enable property professionals to better identify, manage and resolve ground and environmental hazards. The Ground Report satisfies recent new best practice guidance on mining and natural ground perils, published by The Law Society in the 25th Edition Conveyancing Handbook (available to purchase 17th September).
Including expert professional opinion, risk assessment and risk transfer, The Ground Report uses data-driven technology solutions to model and intelligently analyse the potential impact of all man-made and natural ground perils on property and land purchases, mortgage lending and development activity.
The Ground Report translates the risk from all mining activity, subsidence, sinkholes, radon, fracking, mineral planning activity and many more ground perils to enable property purchasers and property professionals alike to better understand the ground. Additionally, and following the news in July 2018 when Terrafirma became the first commercial company to be licenced to produce the CON29M legal form, The Ground Report includes an integrated official Terrafirma CON29M (2018) Coal Report.
In an industry first, the Ground Report includes expert evidence-based modelling, not only assessing the risk of a potential hazard, but intelligently analysing a ‘proof of movement’ database, that includes over 120,000 investigated subsidence claims and almost 10,000 sinkholes. The unique ‘Ground Movement’ module also includes ‘never-before-seen’ space data from our partner CGG’s InSAR data from Sentinel-1 satellite.
“The many and varied physical, financial and legal risks associated with the ground have now been recognised as an environmental issue, comparable to the problems posed by contaminated land and flood. This is reflected in the recent new changes to best practice, of which Terrafirma were able to support the development. Natural and man-made ground perils present a very potent threat to properties and it’s essential that property purchasers and property professionals alike are armed with all of the information in order to make an informed decision,” explains Tom Backhouse, founder and CEO, Terrafirma. “Using innovative data-driven and satellite-based technology, The Ground Report translate complex environmental issues into dynamic next steps, with market-recognised and trusted expert professional opinion to ensure the necessary parties are fully informed. They are supported by terms and conditions containing £10 million professional indemnity per report, ensuring that all liabilities are transferred from the solicitor or purchaser to Terrafirma.”
The Terrafirma Ground Report includes:
- the first integrated official Terrafirma CON29M (2018) Coal Report, as licensed by The Law Society, using Coal Authority licensed data
- all other mining searches (e.g. tin, metalliferous, limestone, chalk, gypsum, clay, brine, Bath Stone)
- Expert professional opinion on natural clay-related subsidence, assessing not only British Geological Survey data but pioneering University-researched soil models
- All known Natural Ground Perils, including slope stability, running sands, sinkholes and erosion
- Mineral planning and oil and gas extraction activity (including fracking)
- Comprehensive information on the risk of radon exposure
- World’s first commercial modelling of satellite-derived Surface Deformation data analysed in our expert evidence-based models.
For further information on the Terrafirma Ground Report visit www.understandtheground.co.uk or call 0330 900 7500.
This article was published by Terrafirma 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.