Buildings Regulations indemnity insurance

Doozergirl

It has to bought directly by your solicitor. It isn't available on the open market AFAIK.

Your solicitor doesn't make any money on the policy, btw, they just pass on the cost.

sonastin

chant1l wrote: »

Interestingly I have just paid out for the very same thing, and the link below us has stalled over a £45 extra fee.
My gut reaction is to pay it and move forward, why risk a sale over such a small amount?

Sadly it is this point of view that is turning this problem into an epidemic. For any individual sale, it doesn't make sense to risk it for such a small amount but because it happens in so many sales, it becomes standard practice and all of a sudden, anyone selling a house that is in any way different from its original construction has to buy one of these policies. An entire industry has sprung up because individual can't risk their own sale/purchase for the sake of a few £££, and solicitors no longer have to give any thought to whether or not it is really required, because its becoming "just what you do in these circumstances". :mad:

Richard_Webster

A lot of the problem here is the mortgage lenders. If we write to them and say thing like "You're not really bothered about some work done 20 yaers ago , are you?" They may say that they aren't bothered, but there is a high possibility that will ask their surveyor who will not want to be sued so he will suggest getting a regularisation certificate from the Council (which aren't obtained for work done before about 1993 anyway) and this costs money in fees and more money for the seller in doing whatever the building inspector requires. It also delays the transaction and winds both seller and buyer up.

So a way out is to provide a policy.

Nationwide BS very sensibly limit the period we have to check these things to 10 years and then say that we can exercise our discretion if we do not consider there is any risk of enforcement. Most lenders are not so sensible and place no limits on how far back we have to check.