Lifetime Legal has adopted SearchFlow’s Continuity Property Solution platform to its proposition with a view to providing its panel clients with the option of an alternative to traditional search packs.
SearchFlow, which provides legal due diligence data for residential and commercial property transactions, claims that its Continuity Property Solution, a data-backed insurance policy that has a £1m indemnity, can help speed-up the overall residential conveyancing process.
Lifetime Legal’s panel clients can now access the data-driven service, which SearchFlow also claims is proven to reduce the risk of sales chains falling-through.
Robert Sendall, managing director of Lifetime Legal, commented: “The SearchFlow Continuity Property Solution is an answer to today’s property ‘log jam’ issue.
“In the current climate, speed and certainty are a priority for buyers and sellers. Buyers want to make sure they can capitalise on the stamp duty break and it is a worry for them when they are reading alarming headlines of lengthening transaction timescales.
“By working with SearchFlow to offer our panel clients the Continuity Property Solution, it offers a guaranteed delivery of just five or ten days, depending on whether a premium or priority order is placed.
“We expect this to be a real lifeline to many people looking to buy a new home before the end of March 2021.”
SearchFlow’s managing director, Dr Tom Quirke, believes that this firm’s Continuity Property Solution, which launched in April, fills what he sees as an important and timely gap in the market for maximum due diligence that will keep transactions moving forward, with the assurances that a £1m indemnity policy provides.
He commented: “For law firms and conveyancers who are struggling with increased demands, this provides a timely and effective remedy. We are therefore delighted to be working with Lifetime Legal.”
Hi, I would be interested in your comments around this product being lender compliant? It seems to me that it is neither ‘Full Data’ nor Insurance and so where do lenders stand in terms of accepting this kind of approach?
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Thank you for your interest in our product.
Our Continuity Property Solution is an insurance policy with a £1m indemnity to which we add data from our internal data set.
No Search indemnity insurance products have been available in the market for a number of years and are widely accepted by lenders.
It falls in line with the standard processes of any indemnity that is placed on a transaction and should always be verified with the lender before purchase.
It’s also worth being aware that this is not to replace traditional search packs and may not be required or relevant to all transactions. This is purely an alternative solution to the rising issue that is extending transaction times due to searches.
It supplies the market with a guaranteed turnaround to complete within strict timescales or pressures, while still allowing solicitors the data/resources needed to uphold due diligence and report to their clients, rather than just insure against the unknown.
I hope this answers your question and details why we are seeing more law firms adopting this as part of their client offering going forward.
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