OneSearch Direct, the local authority data search firm, has refreshed its OneSearch Remortgage search and insurance solution aimed at conveyancers.
OneSearch Remortgage which was originally launched 10 years ago, uses real-time data for remortage searches and comes with insurance for Local Land Charges.
The product was previously capped for insuring advances of up to £500,000. However, with the remortage market seeing a significant uplift in recent months, the product now covers advances of up to £2 million for residential property transactions.
Ronnie Park, managing director of OneSearch Direct, said: “Unlike a standard Local Search, OneSearch Remortgae does not contain Local Land Charges; this part is insured instead.
“This is because these items are less likely to have changed since the initial local search was conducted back when the property was purchased. Typically lenders are more interested in any new proposals in the pipeline that might affect the future value of the property. These matters (such as notices, orders, proposed road and traffic schemes and planning applications etc.) are the principle records collected in real-time by our data team.
“We have been providing private searches for more than two decades. Over the years, we have invested around £10 million in the integrity of our data set and we have more than 30 people permanently employed to ensure information is updated on a daily basis.
“We are now leading the way as the real-time ‘property data experts’ and this means we can usually offer remortgage searches within 24 hours, speeding up and improving the accuracy of the remortgage searches.”
OneSearch Remortgage is priced at £24 including VAT and benefits from £2 million indemnity cover in Search Warranty.