Risk Averse or Worse?

Article

05 October, 2015

Forbes Solicitors and Anderton Gables joined forces last week to host a seminar at Forbes' Manchester office to highlight some of the risks registered providers should be aware of when developing.

One of the key messages was the importance of being risk aware and knowing how to manage those risks. Involving experts at all stages is key. As the speakers explained "No construction or development project is risk free" which is why registered providers need to identify then mitigate potential problems.

Lucy Worrall, Head of Housing and Regeneration at Forbes Solicitors looked at some of the early risks that registered providers should be aware of and emphasised the importance of an early Report on Title - whether the site be one that the RP already owns or one that they are intending to acquire.

Daniel Milnes, Head of Projects and Contract at Forbes focused on managing the risks associated with construction contracts. It is important to be able to identify the risks - whether they be associated with your contractor, the project itself; or the registered provider. RPs need to be able to identify these risks so that they can manage and mitigate them during the project - not ignore them! Once the risks are identified RPs should look at the practical and contractual solutions that are available to provide the result of a managed risk. Involving professional advisors at this stage is so important in identifying and mitigating risks at an early stage.

Finally, Tom Hargreaves and Stuart Carter from Anderton Gables who provide Project and Development Consultancy Services explained that "risk is the potential future loss as a result of present action or in-action". It is important to be able to understand and identify the risks at the outset and surveyors can be an essential tool in assisting RPs in identifying and understanding these risks.

In addition to the more obvious risks that can become apparent on sites such as the condition of structures and deleterious material such as asbestos, Anderton Gables highlighted some of the more not-so obvious risks that can cause problems when developing sites including the ecology of the site.

Identifying risks at an early stage allows registered providers to implement systems to manage and mitigate risks. Involving specialists and seeking professional advice at all stages throughout the development process should save time and costs and ensure that the final product is one that the RP is happy with.

For more information contact Lucy Worrall, Partner and Head of Housing & Regeneration (property) Lucy Worrall, 01254 222393.

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