Law Society release conveyancers' duty to advise on climate risk
Just in time for Earth Day the highly anticipated guidance from the Law Society has today (19th April) been released confirming that conveyancers will have a duty to advise their client on climate legal risks in transactions.
This falls very timely with the upcoming Earth Day. Each year this day presents an opportunity for us to reflect on the climate crisis we find ourselves in. It’s a time to look back but also to look forward and seek opportunities to slow down the effects.
With this in mind, homebuyers are becoming increasingly aware of how future risks could affect their property. Identifying this need, several suppliers have introduced climate change reporting with a vision of helping:
Buyers become fully equipped in the knowledge of how climate change could affect their prospective home in years to come.
Conveyancers to provide best practice and due diligence by making their clients aware of potential future risks.
We have provided a short summary below of the features contained within the climate reports that we offer.
Landmark Climate Report
The Landmark Climate Report reveals both physical risks (e.g. flooding, subsidence, heat stress & coastal erosion) as well as transition risks (e.g. energy performance).
The report is UPRN-based and presented in an intuitive format providing a comparison between present day risks and against those in 2030, 2050 and 2080. This will give you an insight into how these risks could become more prominent in years to come.
Furthermore, it provides in-depth recommendations which will assist your client should the results reveal that there is projected to be significant risk to the property.
ClimateIndexTM is integrated within Groundsure's key environmental reports; the Avista, Homebuyers, Screening and Review at no extra cost. Groudnsure advise that "It enables you to be compliance-ready for any future lender reporting requirements.
ClimateIndexTM uses forward climate scenario modelling for flood, subsidence & coastal erosion risks. It provides a climate risk rating of 5 years and 30 years. Allowing your client to compare risks in the short term and long term.
Dye & Durham Climate
The Dye & Durham Climate report models the impact of climate change on soil subsidence, coastal erosion, extreme winds and flood risk. Each of these key hazards are suspected to increase in regularity as the climate changes, and each one could have a big impact on the value and enjoyment factor at the property. Therefore, making it of significant interest to your client to be aware of these risks.
The front cover uses a colour rating to show the level of risk for each hazard, this provides a helpful ‘at a glance’ summary. Furthermore, there is also a hazard exposure timeline which highlights the potential increase in impact between present day and 2080.