Bringing you the all-new Terrafirma CON29M Report
Terrafirma is the first commercial organisation licensed by The Law Society as a Report Producer of the official CON29M Report.
The CON29M Report was set up by the Coal Authority to provide information on past, present and future underground and surface coal-mining activity for any individual property or site in Britain, sanctioned by the Law Society for use in conveyancing.
Previously only supplied by the Coal Authority, the CON29M report is now licensed by the Law Society to commercial companies if they can demonstrate the ability and quality required by the Law Society, which Terrafirma has successfully done.
As an official alternative to The Coal Authority CON29M, the Terrafirma CON29M Report provides expert interpreted answers to all 11 questions (14 for commercial properties) using Coal Authority licensed data and meets all the requirements as stipulated by the new Law Society CON29M (2018) guidance.
It translates the risk of coal-mining activity into a clear professional opinion, concluding previously unanswered questions such as:
- Is the property susceptible to coal-mining-related subsidence?
- Will coal-mining hinder the completion of the transaction?
- Will coal-mining impact the value of the property?
- Will coal-mining impact normal lending processes?
Unlike other coal-mining reports, the Terrafirma CON29M has been designed to significantly increase the pass rate. With improved data processes, risk-screening and assessment, the conveyancing client will have a better understanding of what coal-mining risks face their property, and what they need to do next. This will eliminate the requirement for a solicitor to report on a liability they may not have detailed knowledge of and reduce the amount of time the solicitor spends reporting back to the client, with Terrafirma the main point of contact for any further queries.
A summary of what the Terrafirma CON29M Report provides:
- The report covers all 2018 CON29M questions and legal form, under Law Society Licence
- Clear, reliable and authoritative professional opinion
- Comprehensive terms and conditions, with liability for professional opinion passing to Terrafirma, protecting client, lender and solicitor
- Time saving design means rapid report risk screening and assessment.
- Reduced need for additional reports, saving time and cost
- Better data analysis means higher pass rates, all protected by £10 million Professional Indemnity per report
- Satisfies all new Law Society CON29M (2018) guidance
Unique benefits for the lender:
- Reliance on Terrafirma terms and conditions
- Clear and expert explanation of impact on normal lending process and property value
Unique benefits for the client:
- Clearly advising on the potential impact of mining on selling and developing the property
- Faster completion times
- Fewer additional reports required
- Professional Indemnity protection up to £10m per report
- Terrafirma provides all follow-on services, including additional desktop and on-site investigation
- Report includes a Loss of Value Insurance policy covering any subsequent change in Coal Authority data (up to £50,000 for the lifetime of the property ownership)
Unique benefits for the solicitor:
- 95% of CON29M reports delivered within 24 hours
- Satisfies all new Law Society CON29M (2018) guidance plus provides clear, concise and expert interpretation and improved risk screening
- Liability for CON29M risk interpretation passed to Terrafirma’s Professional Indemnity cover of £10M per report, protecting client and solicitor
- A professional opinion written by industry experts for you to send on to your client, with clear report outcomes and an ‘at a glance’ risk rating for rapid assessment
- Requirement for additional reports reduced as the new Terrafirma CON29M Report also includes data such as nearby subsidence claims, previously only available from The Coal Authority at an additional cost. This significantly lowers the risk screening timeframe, report burden and cost (saving on average £8 per transaction)
- An expert team of geologists at Terrafirma can be contacted to discuss report findings with either the solicitor or the purchaser
- Loss of Value Insurance covering any change in Coal Authority data (up to £50,000 for the lifetime of the property ownership)
To find out more about the Terrafirma CON29M and for a sample report, please visit www.terrafirmacon29m.co.uk
Kindly shared by Terrafirma