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Buyer not accepting indemnity insurance
bylromarha
Posts: 10,085 Forumite
There are 5 restrictive covenants in regard the land, the site, the estate of the house we're selling is on.
One such covenant is dating back to 1910. The house was built in 2006. Understandably, we don't have all the documents in regard to the covenants and permissions.
Our solicitor suggested an indemnity insurance policy 3 weeks ago, but the buyer wants to exhaust the house builder and property mangement of the site to see if they have these documents in regard to the house. He is refusing to sign the contract until he has the originals. His solicitor (Convey Law) seems to be suggesting this as the best course of action.
Cash buyer who wanted "a quick sale" - we accepted his offer mid November. Currently into week 17 of this farce.
Any ideas of how to persuade him these things are not needed, the insurance policy covers him and his solicitor is just plain wrong?
One such covenant is dating back to 1910. The house was built in 2006. Understandably, we don't have all the documents in regard to the covenants and permissions.
Our solicitor suggested an indemnity insurance policy 3 weeks ago, but the buyer wants to exhaust the house builder and property mangement of the site to see if they have these documents in regard to the house. He is refusing to sign the contract until he has the originals. His solicitor (Convey Law) seems to be suggesting this as the best course of action.
Cash buyer who wanted "a quick sale" - we accepted his offer mid November. Currently into week 17 of this farce.
Any ideas of how to persuade him these things are not needed, the insurance policy covers him and his solicitor is just plain wrong?
Who made hogs and dogs and frogs?
0
Comments
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is it possible to get the documents?
the obvious approach to persuasion is the nuclear option ... give him a deadline and threaten to pull out.
17 weeks is a long time and you are in danger of throwing good time/money after bad...0 -
is it possible to get the documents?
the obvious approach to persuasion is the nuclear option ... give him a deadline and threaten to pull out.
17 weeks is a long time and you are in danger of throwing good time/money after bad...
It isn't possible - we've already gone back to the solicitor who handled our purchase of the property 7 years ago, and he's forwarded on what he can - hence we're down to just 5 covenants now.
Glad you've said about giving him a deadline. Have told EA we're considering remarketing if we've not exchanged by the end of the week.Who made hogs and dogs and frogs?
0 -
Put the property back on the market.
Tell the buyer if he Exchanges before you find and Exchange with a new buyer (either with/without indemnity), then fine, but meanwhile you are seeking a serious buyer.0 -
This buyer is playing games.0
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