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Indemnity Insurance - Who Pays?
Leodogger
Posts: 1,328 Forumite
Our buyer's solicitor has told our solicitor that we have to pay for an indemnity insurance policy due to a "missing deed" before they will complete on the property purchase (we are supposed to be exchanging contracts tomorrow!).
When we purchased our property 2 yrs ago there was no mention of a "missing deed" and we have said we are not willing to pay for this indemnity insurance.
Can the buyer's solicitor force us to pay it ?
When we purchased our property 2 yrs ago there was no mention of a "missing deed" and we have said we are not willing to pay for this indemnity insurance.
Can the buyer's solicitor force us to pay it ?
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Comments
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Is there actually a 'missing deed'?
What kind of deed?
How important?
What is the risk posed by its absence?
Ultimately, the one who pays is whichever is willing to. Are you willing to lose this buyer if you refuse?
Do you believe the buyer is willing to lose the chance to buy your property if he refuses to pay?
One could also look at this from the perspective of 'fault' I guess. Did you lose the deed? Silly you!
Did you fail o apply for Planning Permission for an extension? Even sillier!
Perhaps in those sorts of cases it is fair for the buyer to expect you to pay for the indemnity.0 -
No, the worst they can do is refuse to exchange.
Can the buyer's solicitor force us to pay it ?
What really matters here is what deed is alleged to be missing. Tell us that, and you may get more detailed help.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 -
No, the worst they can do is refuse to exchange.
What really matters here is what deed is alleged to be missing. Tell us that, and you may get more detailed help.
All I have been told is that his solicitor wants us to pay for "the missing deed indemnity insurance". I get the impression that the builder who started our development but later sold to the housing association, didn't register the property correctly 20 yrs ago.:( However, as I said, this never came up when we purchased 2 yrs ago so I can only presume it is the buyer's solicitor trying to drum up some insurance commission for himself !0 -
Is there actually a 'missing deed'?
What kind of deed?
How important?
What is the risk posed by its absence?
Ultimately, the one who pays is whichever is willing to. Are you willing to lose this buyer if you refuse?
Do you believe the buyer is willing to lose the chance to buy your property if he refuses to pay?
One could also look at this from the perspective of 'fault' I guess. Did you lose the deed? Silly you!
Did you fail o apply for Planning Permission for an extension? Even sillier!
Perhaps in those sorts of cases it is fair for the buyer to expect you to pay for the indemnity.
Not anything to do with us, we haven't added anything to the original property. I intend asking the same questions you asked me, to my solicitor tomorrow when she rings me to discuss this.
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All I have been told is that his solicitor wants us to pay for "the missing deed indemnity insurance". I get the impression that the builder who started our development but later sold to the housing association, didn't register the property correctly 20 yrs ago.:( However, as I said, this never came up when we purchased 2 yrs ago so I can only presume it is the buyer's solicitor trying to drum up some insurance commission for himself !
I would add that the builder went into liquidation before he completed the development, it was sold to the housing association and they finished the development off. I can only presume that somewhere in the mix of finishing them off, our property was not registered correctly.
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Who pays? Well its like Russian roulette, see who gives in first, thay pay!0
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That sounds about right. I would not pay a penny based on that description. The justification needs to be better than thatAll I have been told is that his solicitor wants us to pay for "the missing deed indemnity insurance". I get the impression that the builder who started our development but later sold to the housing association, didn't register the property correctly 20 yrs ago.:( However, as I said, this never came up when we purchased 2 yrs ago so I can only presume it is the buyer's solicitor trying to drum up some insurance commission for himself !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 -
we a similar thing when we sold our house, 15 years previous the seller had turned grass and 1 parking space into, little grass and 2 spaces, in the deeds it was described as 1 space and grass, when we bought our solicitor didnt pick it up, the day before we were due to exchange there solictor suddenly wanted us to pay £100 for this insurance, we decided the fee was minimal compared with the amount we could lose if we had our buyer pull out0
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We have a missing deed for our Victorian terrace (c1886).
The likelihood this deed has any relevance to the current sale is absolutely zero, but sometimes you just have to grin and bear it....0
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