The climate data module — which was initially tested with a select number of property lawyers in June — was created following a year of significant research conducted by the environmental analytics business.
ClimateIndex analyses and translates data concerning the risks climate change might pose to a property.
It anticipates changes in physical risks posed by climate change — including flooding, ground subsidence, and coastal erosion — and gives an overall score for the effect on a property, assessing the risk over one, five, and 30 years.
The module will be added to Groundsure’s main residential and environmental search reports at no extra cost.
Although ClimateIndex has been designed primarily for property lawyers, it is also available to brokers, valuers and others involved in the residential and commercial purchase process.
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Dan Montagnani, CEO at Groundsure (pictured above), said: “Thanks to the Bank of England, the PRA and forthcoming new guidance from the Law Society and lenders, property lawyers will soon be required to report on risks posed by climate change.
"This is why we have developed ClimateIndex — it portrays data clearly and concisely, making it simple for property lawyers to advise clients on transactions and allow people to make better decisions.
“We know property lawyers have a lot on their plates already — our job is to make their lives easier and ensure they don’t have to interpret science as well or think about multiple search reports.
“Not only is ClimateIndex provided at no extra cost in our key residential and commercial searches, but given the forthcoming changes to guidance, it should also ensure lawyers are climate compliance-ready.”
The importance of residential conveyancers and commercial property lawyers advising clients on climate risks was highlighted by several experts — including Stephen Sykes, environmental lawyer and consultant at Capital Law; and Stephen Tromans QC, environmental barrister at 39 Essex Chambers — at Groundsure’s Conveyancing Climate Change Conference, hosted on 14th June at The Law Society in London.
“We owe our clients a duty of care to advise about the effects climate change will have on land and buildings — especially now that climate data is readily available as part of existing environmental searches,” said Sykes.
“Law firms will potentially expose themselves to PI claims and negative ESG publicity if they fail to warn clients about climate risk.”
Tromans added: “Solicitors have a legal duty to advise their clients on climate related risks; as the tools and information become available, they need to discuss the importance of investigation.”
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