Property search indemnity insurance

[vhm672]

Ok let us look at the facts not scare stories about things other than the type of insurance you are talking about.

I assume your solicitors are talking about search insurance only and not trying replace the rest of the conveyancing process.

My first question is are you getting a mortgage as if yes then the decision will be entirely governed by whether they will accept it.

Subject to the mortgage question above then this is an area which has become much more common in recent years and it is very easy to source a policy off the shelf. They are often cheaper than the searches they replace.

A couple of health warnings they don’t cover anything you know about in another way and the seller will have to confirm they don’t know of anything adverse that will come up.

Subject to the above they are useful policies and it is certainly true that you will not get searches back in time to complete this month if they are yet to be submitted.

I have put this insurance on risk in the last two months for a commercial client so do have first hand experience.

[parisdisneyfan]

You can buy indemnity policies for most things to do with house purchase, but as others have said it won’t cover everything.

When we bought 20 months ago we had to buy one to cover fact we didn’t have a gas cert for the boiler. New owner thought this meant he would get a new boiler, but it doesn’t, it only meant if the council charged him or he lost money selling in because of it then it would pay out. On the property we were buying there was a query over a building covenant and where the line started for a workshop on the property. We were advised to buy one by our solicitor but decided to take the risk ourselves as it was expensive and we weren’t planning to develop and would demolish if necessary, no challenge over it in last 20 years and no mortgage in property.

Is there any reason to think there might be something in the searches? Asking owner, neighbours and estate agents might be a good start especially if you hint it may stop the purchase.

Good luck