A landmark new green guidance for the legal sector is set to impact property transactions across Bolton and Lancashire.
The Law Society of England and Wales last week confirmed conveyancing solicitors have an overall duty to advise on climate legal risks when acting in transactions.
Going forward, conveyancing solicitors must now consider whether climate searches are required for every property transaction they oversee with the caveat that they ‘should not advise on climate change physical risks where it is outside their knowledge or qualification’.
The new guidance reflects the 2008 Climate Change Act, which commits the UK to cut greenhouse gas emissions by at least 68% by 2030 and 78% by 2035.
“The Climate Change Act is already having a significant impact on the construction and housing sectors so to see it now filtering into property transactions is of little surprise,” commented Sandy Hennessey, local property expert and owner of X-Press Legal Services Bolton and Lancashire.
“For the home buyer this guidance means many solicitors will now feel duty-bound to recommend a climate change report as part of the suite of property related searches undertaken during the conveyancing process. Climate risks can be physical, transition, or liability related and can negatively impact the value of land and buildings. In view of that, these searches will provide home buyers with an extra level of insight into their purchase and any climate related risks.
“Fortunately, at X-Press Legal Services we are well placed to continue to ensure property transactions in Bolton and Lancashire are not impeded by this new guidance. We pride ourselves on being abreast of industry changes like this and already have a range of climate change products readily available for our conveyancing clients.”
With locally owned offices throughout England & Wales, X-Press Legal Services is an independent property partner specialising in data and e-conveyancing. Supporting conveyancers across Bolton and Lancashire its climate report products include those supplied by industry leaders Groundsure and Landmark. Local conveyancers are invited to get in touch with the X-Press team for a full insight into the climate change report expertise they can provide.