Legal & contingency buildings insurance indemnity

japmis

I'm part way thru buying my first place (1st floor leasehold maisonette) and have received a letter from my conveyancing solicitor outlining that "the seller would be happy to offer a legal and contingency buildings insurance indemnity policy on completion".

I've googled the phrase and I'm still no further forward in understanding what this means!!

I'm a bit nervous because the vendor has offered this without prompting which makes my alarm bells ring.

Ideas?

PS I'm waiting to hear back from my solicitor on what this means, so I'm covering all my bases posting here!

Jeffrey_Shaw

LCI is, I think, just one of the insurers which issue conveyancing policies. What you don't say, however, is against what risks the policy is supposedly needed, so please re-read the solicitors' letter and tel us. I guess that it might be related to:
a. unknown landlord; or
b. some sort of defect in the lease's wording; or
c. lack of a "landlord's enforcement" covenant.