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we have just moved house where indemnity policy was required. It cost the vendor £170 which luckily they paid without quibble. This always comes up at the end where you stand to lose so much so definitely find out how much it is and offer a 50 50 split. Good luckIf i knew the answers to all the questions i wouldn't be on here
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I'm having the same thing. We're trying to buy a property and, apart from a few questions to be answered, there is a £300 indemnity insurance standing in our way. As the vendors are a divorcing couple, I can't imagine they'll want to pay for it but our solicitor is insisting.
The indemnity is for the the extension that has been built on the property, although the property is 20 years old and the original property builders went out of business a long time ago.
Such a silly rule to have covenants like this with no timescale. I.e. You may never EVER alter this house 'cos we built it and we say so.LBM February 2008. DFD March 2013 19 August 2011Debt at LBM £14,395.48. Debt Now £00 -
So if the extension was done 6 years ago there would be no point in an indemnity policy? Is it something the lendors require?0
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