FTB advice needed re indemnity policy

gimgems

FTB and we are on the verge of exchanging so bear with me. Our solicitor has told us that our vendors are threatening to pull out unless we pay for an indemnity policy because the deed of grant is missing??
It is going to cost us £126 for this policy and in the grand scheme of things we are willing to pay for it.
I have a feeling that the vendors want us to pull out of the sale because they have seen the house prices on the estate we are buying soar since we put in our offer back in March (for the full asking price).
There is no way we are going to back out because we would loose all monies we have paid so far (valuations, searches etc) and we have given notice on our current house.
My questions are
1. What is the deed of grant and why is an indeminty policy needed to cover this?
2. If we pay the indemnity policy could we say that we are willing to pay it as long as contracts are exchanged immediately?

Thrugelmir

gimgems wrote: »

I have a feeling that the vendors want us to pull out of the sale

They too can pull out of the sale. So don't let your imagination run wild.

Dan-Dan

Thrug is right, if they wanted to remarket , they would , regardless of the £126

What does your solicitor say ref the indemnity issue itself ?

gimgems

Thanks both. I didnt get the email from the solicitor until after the office had closed so haven't spoken to solicitor yet. So nervous about the whole thing.

AlexMac

I too have been caught on every one of my past few sales and purchases by some trivial legal glitch which always seems to cost over a ton to fix; through an indemnity, a deed of variation or similar.

Usually comes down to a stand-off between vendor & buyer over who blinks (ie coughs up).

I suspect solicitors throw these things at us to remind us how essential they are; a bit like Firemen who are also arsonists!?

Cynical- Moi? I'd just stump up and move on. Life's too short. It just means you'll have to toast moving in with a glass of Cava , not Bolly?

DaiBach

I've was informed of a requirement to provide an indemnity policy yesterday for some lost restriction for minerals from 1937 (quite common at the time in certain parts of the land).




The premium will be 100 notes...not worth arguing about in the grand scheme of things (sellers point of view).

gimgems

Thanks. We've come to the conclusion that we'll pay for it. Going to ring solicitors at 9 to confirm. Just hope there's no other nasty little surprises! First time buying a house and the last! Glad we went for 3 beds with a garage cos there's no way I can cope with this house moving malarkey again! Lol.