A clients risk is a risk to you - DevAssist

Dev Assist

Feature by Paul Addison, DevAssist:

For those of you who have met us and use our products you may recall one of our favourite case studies. It was the floating hotel that was planned for the docks in Tower Hamlets. I will however, give you a brief reminder. In June 2012 we were asked to do a DevAssess report on a flat that enjoyed water views. During our investigations we discovered that the view will be significantly damaged by the mooring of a 600 bed, 6 storey floating hotel which would be permanently moored 29m from the property.

This story has become more interesting. This vessel is now build complete and has been towed to London from Holland. Once fitted out it will find its new home in Meridian Wharf.

I have met three solicitors who have acknowledged that they have been involved in the conveyance of flats in the same apartment block. They had no knowledge of the Super Yacht Hotel. With its impending delivery I wonder how many flat owners are going to question why they did not know anything about this. This is with the exception of the buyer whose solicitor did commission one of our reports.

Now think of it from the lenders point of view. Charles Chatterji who is a chartered surveyor and registered valuer states "the loss of such a water view in this case could take as much as 25% off the value of a property."

Finding a floating hotel is not common, but finding development risks and hidden value are. We find them in 10% of our investigations and 20% in London, and some of these are lending risks. Our reports are designed with your client's best interest in mind, but there is another valuable benefit to you in obtaining these reports. It protects your PI position. Let’s not tip toe around this. A risk to your client is a risk to you.

That's why we have introduced a fundamental change to our DevAssess (residential) and DevAcquire (commercial) reports. We now make it crystal clear on the front cover of our report if there is a lending risk, which you and your client should both know about. Our reports ensure that you comply with your risk management principles and your duties to your client and lenders.

If you haven't used our unique services contact us, or your search provider, to find out why we are being talked about so much.

Paul Addison.

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The DevAssess and DevEstate reports are available from Source for Searches, nationwide. Contact us for more information on the products.