Conveyancers should consider the provision of electric vehicle parking and charging in transactions according to a legal company.
Law firm says that with the sale of new petrol and diesel cars banned from 2030 the impact on property desirability and pricing will start to be seen within the next five years.
Although there are now over 35,000 public charge points across the UK in 13,000 locations this a drop in the proverbial ocean when compared with over 40 million cars currently on UK roads.
The firm suggests that as a result, there's rising concern that the provision of on-street vehicle charging will be insufficient to cope with demand, especially as there will have to be standardisation of bay size and the potential loss of parking on both sides of a street
“With the currently active property market it is easy to ignore the events that will not come into force for almost a decade. However, within the near future many local authorities will be announcing plans to provide the necessary infrastructure” explains Ian Peach, partner and head of residential property at Coffin Mew.
“At that point it will become very clear which properties could be negatively impacted” he adds.
“Conveyancers need to have on their radar the impact the infrastructure for electric vehicles will have on the market and include checks within their purchase due diligence and enquiries.”
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Surely this is a matter for the estate agents if the profession deem electric charging points to be "material facts" and surveyors when completing their survey/valuation.
To true , haven't we heard incessantly beyond being tailors and hair gel manufacturers best clients agents are meant to be local experts.(credible and trustworthy)
The impact on what are presently loud and dirty roads will be interesting as transport goes cleaner and quieter. Agents should be quick to point out the investment opportunities there.
Reminds me of a solicitor practising in Newton Abbot around 30 years ago. He always gave his own valuation of a property to purchaser clients "to be helpful" to them. He had no idea of property values, but his clients believed him because "he's a solicitor". Luckily he retired. Mr Peach should stick to his own job and we to ours!
I cannot see the issue of Ian Peach putting forward such suggestions. Its in the spirit of thinking ahead i dont see it as an attempt to eat anyone's lunch. More often in both the residential and commercial real estate market, lawyers are expected to be more than just the law. Who would have thought 15 years ago one key factor in the decision making process would be internet speed and reliability. in the way it is today.
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