Commercial News

New tool to fast-track commercial property due diligence

Rozi Jones -
|
10th April 2019
computer online tech
"HM Land Registry datasets can be used to drive innovation and deliver proptech solutions in the property sector."

Search Acumen has launched a new solution which instantly interrogates property boundaries and ownership data to fast-track due diligence.

SNaPS (Search of the National Polygon Service) gives law firms immediate access to Land Registry data, allowing them to make immediate assessments and act earlier for their clients while reducing transaction costs.

SNaPS will enhance solicitors’ understanding of the types, owners and boundaries of land and property titles by providing instant, visual datasets. SNaPS examines all HM Land Registry (HMLR) titles in seconds to define a designated area, identify all applicable ownership data and produce a map showing how the titles fit together.

The tool is offered via Search Acumen’s ForeSite platform, a development on the current Search of the Index Map process that property lawyers must execute as part of property transaction due diligence.

Lynne Nicholson, head of data products and services at HMLR, commented: “Search Acumen’s new SNaPS report is a great example of how HM Land Registry datasets can be used to drive innovation and deliver proptech solutions in the property sector.”

Andrew Lloyd, managing director at Search Acumen, added: “We saw an opportunity to address a pain point that all property lawyers are well aware of by re-inventing the process of searching HMLR’s mapping records to carry out vital due diligence tasks. It’s the bedrock of any property transaction but until now the true potential hasn’t been explored and brought to market.

“With so much legal property data at our fingertips, we see no reason why commercial law firms cannot do more as part of the due diligence process. Our SNaPS product turns property data and technology into a practical business tool which will improve performance and save costs for legal firms and their clients.

“Search Acumen is committed to delivering a wholly digitised experience for searching property records. The outcome is a more efficient due diligence process where lawyers are properly equipped with the insights they need to act as consultants at the heart of the property transaction process.”

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