Property search indemnity insurance

[munmun]

We are in the process of buying a little house, it will be let out.

I have bought lots of houses but my solicitor is suggesting that if I want to complete by 30 June and save myself £10K I may need search indemnity as she doubts the searches will be back in time.

Has anyone done this?

There are lots of things I can do for the myself, flood zone, possible housing development etc. I know the area very well. Any advice please.

[megaflyer]

Would the insurance cover all the risks ?

I once bought a property and the searches through up a CCJs that had a lien on the property of over £50k - because of that I wouldn’t buy without the searches coming back as that is not something I could have for saw (or my solicitor) as the vendors were not even aware (allegedly) - if the insurance would cover that then maybe but searches are there for a reason and I am a cautious buyer

[disney332]

Why would you rely on insurance when you are unaware what it covers.

Prudence suggests you at least see a copy of the policy particulars.

Disney332

[munmun]

Originally Posted by disney332

Why would you rely on insurance when you are unaware what it covers.

Prudence suggests you at least see a copy of the policy particulars.

Disney332

See more...

Of course we would not proceed without that, I am just asking if anyone else has used it. Have you?

[Blue nose]

I think if it's something your solicitor is suggesting then it must be pretty standard. Has recommended a company?

[munmun]

Originally Posted by Blue nose

I think if it's something your solicitor is suggesting then it must be pretty standard. Has recommended a company?

See more...

No not yet, it was a suggestion so we can complete before June 30th, I guess many people will be going that way

[tspill]

Why exactly does this cover?
Conveyancing can uncover a host of issues.
We have friends had to pull out from a sals a week or two before completion. They couldn't find out who owned the access land.
Personally I would want everything right rather than rely on an insurance policy for something as expensive as a house.

[shack69]

We did this many years ago. We were buying in Liverpool and at the time the council were a nightmare and searches were taking months to come back. The Liverpool based solicitor suggested it and they had done load. Just get your solictor to confirm in writing that it covers you for any issue which may be flagged up and not limited to specifics.
I'm not sure why now sellers don't have to a search pack to give you , it would make more sense.

[RachaelC]

My parents just sold a property and their buyer took an indemnity for the searches. I’d never heard of it before, but perhaps it’s a bigger thing at the moment with the number of transactions taking place and the length of time the searches are taking

[ScoopsAhoy]

We were told we could get one of these for the first stamp duty holiday but luckily didn’t need one.
They’re very common now.