ClimateIndex™ - Climate Risk Due Diligence for Property Transactions
What is ClimateIndex™?
ClimateIndex™ provides future-focused, property-specific ratings for residential transactions that combine and summarise physical risk to property from flooding, subsidence and coastal erosion in a changing climate. Ratings are supplied for 5 and 30 year time periods, providing a view on rate of change and in line with Bank of England reporting requirements. It is based on the UKCP18 climate modelling using a blend of projections to provide a pragmatic and moderate view on future climate change.
ClimateIndex™ for Residential Properties
For residential properties, it also provides comprehensive transition risk information, including Energy Performance (EPC) ratings, comparison to other similar properties in the area, together with tailored guidance on improvement measures, as well as flood risk mitigation for better property resilience. Unique Property Reference Numbers (UPRNs) are also provided as standard.
ClimateIndex™ for Commercial Properties
For commercial properties, in addition to key physical risks, single or multiple EPCs are identified at the property, where there is a mix of residential and retail, for example. There are also EPC assessor energy improvement recommendations, building area and use class details and guidance on commercial Minimum Energy Efficiency Standards (MEES), existing and proposed Net Zero goal policy changes. UPRNs are also provided for each building unit at the property or site.
Commercial real estate lawyers and conveyancers can advise their client on how they approach their MEES strategy and any retrofitting or green lease arrangements that they may want to put in place with their tenants.
Our leading reports that include ClimateIndex™ at no extra cost
Avista
The most comprehensive environmental search report available – now with ClimateIndex™
Homebuyers
Homebuyers ensures you comply with Law Society practice notes for contaminated land and flooding, separate guidance on ground stability, as well as being compliance-ready for future lender reporting requirements on climate risk with ClimateIndex™.
Screening
Screening covers contaminated land, flood, ground stability, radon and energy risks for less complex commercial property transactions. Written and reviewed by our in-house team of environmental consultants who can be contacted in the event of a query.
Review
Expert Analysis for Commercial Property Transactions – now with ClimateIndex™
Law Society Guidance on Climate Risk
The new Law Society Guidance on Climate Risks has now been published. This important document helps lawyers and conveyancers understand how to approach advising clients about the potential impact of climate change.
Property transactions are perhaps the most exposed to these risks for the client and the firm in terms of potential litigation risk.
Download our summary guide to the Guidance now to find out how you can ensure you and your team can use climate data and advice in a compliant and effective manner.
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Client Care Clauses
It is essential that conveyancers and commercial real estate lawyers can confidently explain climate risks in a consistent manner. Developed in conjunction with conveyancers and real estate lawyers, we have created some helpful client care clauses for you to use in your documents. Download them for free now.
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Understanding Climate Change
Climate change is the most significant external impact that our communities and businesses face. It will affect property and infrastructure assets, investment portfolios, lending and insurance markets. The scale of change and the potential risks are eye-watering and have major implications for property transactions.
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Why climate change matters to law firms
Climate Change is becoming a major risk and governance issue for law firms. This extends to not just how firms operate ethically, but with a growing body of legal opinion on a duty of care to advise clients effectively on climate risk and new guidance on the way, firms need to get organised for compliance.
Read moreConveyancers’ Duty of Care to Advise Clients about Climate Risk
Risks change over time. Climate risk analysis is now an essential part of understanding the forward risk on clients’ land and property transactions.
Now, exclusive to Groundsure, one of the UK’s leading environmental law practitioners, Stephen Tromans KC, has released his legal opinion on a firm’s duty of care to advise residential and commercial property clients on climate risk. It’s essential reading for all conveyancing practitioners and available to download free now.
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How you can help clients
Advising clients about climate risk should not be daunting. We know you are not climate scientists, which is why we are here to help. ClimateIndex™ analysis is backed up by tools and resources to help you best explain what it could mean for your client.
ClimateIndex™ FAQs
We have produced a detailed and handy guide to ClimateIndex™ by answering some of the typical questions that conveyancers have about the analysis module.
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Need more help?
Help is at hand from our conveyancing climate risk experts. We will respond promptly to any queries about a report outcome or how to translate report findings to your client advisory or Report on Title. We also offer training through webinars or in-house on how to report to clients and panel lenders effectively with clauses.
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Everything you need to know about ClimateIndex™
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Understanding ESG risks in property transactions and how law firms can meet compliance
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