The Conveyancing Information Executive (CIE) has reviewed the recently released Law Society guidance and welcomes the first practical step taken to address climate change risks in property transactions.
The purpose of the CIE is to raise data quality and content standards in property searches used within the UK conveyancing process, and this practical advice from The Law Society certainly extends the scope of data used to underpin transaction decisions.
Recognising the new and burgeoning nature of climate change as a risk area for conveyancers to consider, the CIE remains the first industry body to provide regulation in the form of a climate change report compliance note. This compliance note governs the data, modelling, coverage and reporting within all member searches.
Chris Loaring, Director of CIE, commented:
“Climate Change is now an active consideration for law firms and whether they include advice on physical and transition risks associated with climate change in their client retainer.
When it comes to climate change searches and their consideration within the remit of the new guidance, the CIE has taken steps to help law firms with these considerations through drafting a compliance note which governs our members provision of climate change risk data and reporting.”
