News
Groundsure offers climate analysis module for conveyancers and lawyers
Groundsure has brought out a climate analysis module that will better assess physical risks from climate change over different timeframes, helping lenders and conveyancers who use the firm.
ClimateIndex analyses data and then translates that into risks climate change may pose to a property and gives an overall score for the effect on a property over one, five or 30 years.
This includes risks around flooding, ground subsidence and coastal erosion.
The module will be included in Groundsure’s main residential and environmental search reports, which are typically used by conveyancers in their buyer search reports.
Lenders can also access the data and the accompanying analysis and interpretations through Groundsure’s valuation network through Siteguard.
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Groundsure currently provides climate date to Santander, Barclays, RBS and Natwest.
Dan Montagnani (pictured), chief executive of Groundsure said: “Thanks to the Bank of England, the Prudential Regulation Authority, forthcoming new guidance from the Law Society and lenders, property lawyers will soon be required to report on risks posed by climate change.
“This is why we have developed ClimateIndex. It portrays data clearly and concisely, making it simple for property lawyers to advise clients on property transactions and allow people to make better decisions.”
He said that ClimateIndex was provided at no extra cost in its key residential and commercial searches and should ensure lawyers are climate compliance-ready.
“It is the first inclusive climate data that has been added to conveyancing search reports to meet future compliance requirements,” Montaganami added.