Ahead of our Risky Business Roadshow, Tom Backhouse from Terrafirma explains why you should always take the time to consider the legal and financial risks the ground poses to you and your client:
“Until recently, hazards such as sinkholes, subsidence and ground instability were seen to be a generic physical risk that could not be practically actioned, did not affect a property transaction and held no tangible links to any financial or legal liability.
This perception was down to a lack of innovation in both the data and modelling of risk within the ground, both of which have been developed into due diligence practice already for flood and contaminated land.
Recent observations show a much more risk averse nature from the banks to certain ground hazards that were not perceived historically as being a block to a transaction. Mine entries, mineral planning, Mines and Minerals on title, slope stability and coastal erosion to name just a few have all experienced a recent change in policy and significant increase in lender refusals.
It is now essential for law firms to replicate this change in policy by implementing much stricter due diligence practice for these risks and to ensure they and their clients are informed and protected.”
Join us for our Risky Business Roadshow to find out more
Tom Backhouse will be part of our guest speaker line-up at our Risky Business Roadshow events this November, which will explore how firms can better protect, prepare and promote their businesses.