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NHBC & Indemnity Insurance?
Garage03
Posts: 7 Forumite
We are part ex-ing our home for a new one with national hombuilder. We were due to exchange contracts before Christmas but were told they 'no longer have any money in the pot' to complete part ex's until next financial quarter. Our current home is just over 10 years old and we have been told today as it is now out of NHBC warranty we will have to have indemnity insurance. Assume they are stalling for time as surely anyone buying our house in the future will at the end of the day be buying a 10+ year old house.... Has anyone else heard of this?
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Are you sure they want indemnity insurance for the fact it's not under warranty anymore and it's some other reason? If it's out of warranty, that's it - there's no pre-requisite for a house over 10 years old to have a warranty so I'm not sure why they would want indemnity for it? I don't think you can indemnify against a lack of warranty within the 10 year period anyway - it would just render a house unmortgageable
Everything that is supposed to be in heaven is already here on earth.
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I would be interested to hear what happens with this?
I am hoping to market a property for sale end Jan that is just out of it's NHBC warranty - ended Sept 09.....
Sounds like builder trying to stall imo.0 -
Following Doozergirl's comments I would be interested to know the reasoning as to why an indemnity policy is required when the 10 years is up!RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
I would say builder is trying to find an excuse to dump you as buyer for whatever reason. In your position I would look for another property and give them an ultimatum to sign up or return deposit by whatever date.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Thanks for replies, spoke to our solicitor today who has basically said the same, a 10 yr old house is just that.... thinks they are stalling for time as they have already told us they dont have funds available for taking on part ex's yet.
We did think they were trying to get out of the deal and asked if this was the case, they said not, but suppose time will tell.....0 -
Thanks for letting us know. I also think that it might be time to look for another place unless you are totally sold on the house. Sounds to me like they don't want to take on the 'baggage' of a part ex right now possibly due to their finances...0
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Me too can't see how you can take out a policy when theres nothing to indemnify against0
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