X
etsos

Free trial Sign-up

Please leave your name and email and we'll be in contact shortly.

Name

Company

Contact Number

Email

Please complete the sum:        
23 + 6 =

The cost of undisclosed planning and development

18th April 2016

The risks of undisclosed local planning and development in conveyancing transactions hit the headlines in 2015 with a number of high profile stories in mainstream media.

  • Thorp v Abbotts
  • Orientfield Holdings Ltd v Bird & Bird LLP
  • The case of the couple from Cumbria who successfully won compensation against their solicitor after a wind turbine was built less than a mile from their property

On the one hand it is quite right to point out that 3 examples amongst the significant number of transactions undertaken does not point to any trend or indeed pose much of a risk to your PI insurer.

That said aside from the eye-watering compensation figures, where there are cases there is a risk of longer term effects on your business. You will have almost certainly lost the trust of a client who may have had a “lifetime value” to your business; there is a reputational impact to consider locally which has a knock-on effect to other departments within the firm; your PI insurer will not take kindly to the claim and your premium will be significantly affected.

Providing information about planning is a very low risk affair. Ultimately as the reports that provide you and your clients with the relevant information are disbursements there is no direct impact on your firm and you should increasingly be flagging such examples to clients and encouraging such investigations.

Indeed what is to stop you from making it a premium service and charging for it? Rightly or wrongly there seems to be an expectation amongst homebuyers that solicitors investigate these issues as a matter of course; be proactive and talk to your clients, educate them on the risks and opportunities and give them the tools to make an informed decision.

ETSOS provides both data and interpretive planning reports. The Landmark Plansearch Plus and DevAssist with Plansearch Plus will provide you and your client with the relevant information to make an informed decision about whether local planning and development will have any impact on the property. Protect your firm today.

 

The client and experts view...

  • thumb1
Latest newsspeech Bubble

AML Fines for estate agents published

Estate agent anti-money laundering (AML) compliance is under scrutiny again following the publication of figures detailing the fines levied for AML non-compliance. (more…)

Price Increase Notifications – April 2019

We have received a number of notifications from our suppliers regarding their intention to increase prices from the new tax year at the start of April. As these are supplier increase we will unfortunately be passing the cost of the increase on to our customers. (more…)

5 days of FREE AML training

HMRC have revealed details about the fines it has levied on estate agents for AML non-compliance. To help estate agents stay the right side of regulation, Landmark are offering 5 days of FREE AML training for a limited time.  (more…)

Blog 3: Implementing your risk assessment

The Money Laundering Regulations require estate agents to risk assess their business relationships and apply an appropriate level of investigation to ensure that they understand who their customer is, and why they are involved in the transaction. (more…)

Blog 2: What are HMRC Looking for?

The Money Laundering Regulations require estate agents to risk assess their business relationships and apply an appropriate level of investigation to ensure that they understand who their customer is, and why they are involved in the transaction. (more…)

divider
newsletter sign-up

Sign up for our e-newsletter

Name
Company
Email Address
trialTop

trial sign-up

Click the Apply button opposite to use our software on a trial basis...

trialBottom
  • etsosnews

  • etsosnews

  • Linkedin Twitter Facebook
    This site uses cookies. Find out more about this site’s cookies.