Beat the backlog
In November last year, three London local authorities – Westminster City Council, the Royal Borough of Kensington and Chelsea, and the London Borough of Hammersmith & Fulham – suffered a major cyber-attack. They are just the latest in a line of councils to be targeted, and the resultant backlog of search applications can have a significant impact on transaction times.
Even when they’re not the result of cyber-crime, delays in the process of obtaining searches are becoming an increasingly common part of the conveyancing process. Whether they’re caused by the sheer volume of requests during seasonal peaks in the housing market, council backlogs exacerbated by staffing shortages or budget cuts, or IT issues, figures show that, while some searches are returned in 48 hours, many take between two and six weeks, and in some severe cases, several months.
It’s a problem that shows no sign of going away, but fortunately, we have two products within our wider range of Search policies that can help:
Search Delay
Designed to deal with transactions where searches have been requested, but the results are delayed, our policy protects buyers and lenders against any previously unknown adverse entries, such as an outstanding financial charge registered against the property, that may come to light once a search is received after completion. Premiums start at £25 for residential properties, and cover is also available for new build plots and commercial premises.
No Search
With separate lender-only and purchaser cover options, our No Search policy allows a transaction to proceed without obtaining searches, by protecting against unknown adverse entries that may have been revealed by a full search. Premiums start at just £15 for lender-only cover.
Don’t let search delays slow you down - whatever the situation, we’re confident that we can provide a solution. You’ll find all our search policies on the products page (link) where you can get an instant quote. Or you can call us on 01603 761515, or email enquiries@isisconveyencing.co.uk.