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NewBuild - Non adopted roads - Indemnity

droiderm
Posts: 778 Forumite

Hi,
I am currently leading up to exchange on a new build house with a national builder.
My solicitor has raised the issue that there is no agreement in place for the roads to be adopted by the local authority.
Apparently there is indemnity in place in the deeds to protect me, but not the mortgage lender, or future buyers.
She has recommended that the builder buys an indemnity insurance policy for maintenance of the sewers/roads. The builders response is "no chance" they have sold 100's of plots without this issue.
Is this normal?
My solicitor hasn't dealt with one of these policies before, so it will take a couple of days to get an approximate costs.
Does anyone have any idea of the approximate cost in the meantime?
Is this normal behaviour by builders in this scenario, or, are they chancing their arm?
TIA
I am currently leading up to exchange on a new build house with a national builder.
My solicitor has raised the issue that there is no agreement in place for the roads to be adopted by the local authority.
Apparently there is indemnity in place in the deeds to protect me, but not the mortgage lender, or future buyers.
She has recommended that the builder buys an indemnity insurance policy for maintenance of the sewers/roads. The builders response is "no chance" they have sold 100's of plots without this issue.
Is this normal?
My solicitor hasn't dealt with one of these policies before, so it will take a couple of days to get an approximate costs.
Does anyone have any idea of the approximate cost in the meantime?
Is this normal behaviour by builders in this scenario, or, are they chancing their arm?
TIA
0
Comments
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I think what is normal is for the developer to have an agreement in place for adoption. So if they don't have that in place, it is reasonable for you to ask for your policy - never mind the 100's of houses they sold to fools. Or they could extend the indemnity they are already providing to you to cover the lender and future buyers. Without it, their indemnity is a chocolate teapot.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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Thanks for that.
I will get an idea from the cost from solicitor, then decide how to proceed. If it's a few hunderd quid I might just swallow it, I don't want to lose the house0
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