solicitors say searches in HIP about to expire?

downs523

im in the process of buying a repo house. my solicitors wrote to me today saying the HIP searches for the property are due to run out before completion therefore i need to get them again costing £150 local search+£40 for drainage search.

they also said i could do this cheaper by having indemnity insurance which would be a cheaper option.

what do i do? how much will this indemnity insurance cost? im waiting till tomorrow or the next day for a quote.

searches are due to expire 4th feb. house is a 3 bed terrace,140k, 3 yrs old in excellent condition.

david29dpo

Your solicitor is correct, the searches do "expire" after about 6 months. The seller does not have to update them but its worth asking. Your solicitor has to cover his back so if the seller wont pay for the new searches, bite the bullet and get some new ones. I wont'nt bother with the indemnity insurance.

downs523

problem is they said the searches take upto 2-3 weeks and were buying a repossession which we have just under 2 weeks to complete.

david29dpo

If thats the case go for the insurance.

poppysarah

Did the old nearly out of date searches look ok? You can go up to planning yourself and look on the maps (You can look online too by address) and see what's being planned in the area. This is the one that's probably most likely to change.
People don't put in a historic landfill site brand new - so the old nasties are still there the same, but the new stuff people are building is the stuff to worry about...
If you see what I mean.. But you can look and see what plans are already in the system.

Richard_Webster

Search validation policies vary in cost depending on the value of the property but mostly you are only talking about £20-30.

I am never quite sure why the Drainage Search needs updating. In the real world what is going to happen? Are the sellers going to begrudge paying foul drainage charges to the Water Company and install a cesspit in the back garden to save this cost??!!!

downs523

its costing me £78 for the insurance!!! not 20-30

olbas_oil

Can't you do the important part of the searches yourself by asking the planning department, and walking the area with your eyes open?
Everyone assumes searches are important, to save you buying a property with some hidden issues. They may be about to 'go out of date', but isn't it the case that they are out of date from the moment they are produced? If I put in a planning application for something horrid next door the day after the searches had been sent off, would the planning dept get back in touch with your solicitors to let them know?

Personally I'm planning on doing my own search (checking the planning application website) the day before exchange.

Richard_Webster

Obviously sensible to do checks such as suggested by last poster at any time but:
1. Local search does not show details of nearby planning applications/decisions in any event, so checking them is something separate from the local search; and
2. Mortgage lender won't accept personal checks such as this from its point of view.

How much is Downs523 paying for his property? Perhaps his solicitors are not in touch with the cheapest indemnity insurers? They should try: https://www.conveyancinginsurance.co.uk/
Property being bought for £300-£350K can be insured for £30, lower values slightly cheaper. £80 gets cover for a £1million property.