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Insurance for private road?
Comments
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Marktheshark wrote: »The prize question is :
Who's name will be on the policy.janelongstaffe wrote: »In 2 weeks time the property will not belong to me.
Should I care if the buyer loses access? (The chances of that happening are pretty remote anyway)
It doesn't matter whose name is on the policy, title indemnity policies (normally) cover all future owners.0 -
It doesn't matter whose name is on the policy, title indemnity policies (normally) cover all future owners.
It has to have a nominee as in a real living person.
That requires a name, a beneficiary of the indemnity.
That is the person who should foot the bill.I do Contracts, all day every day.0 -
You are being asked to pay because the house you are selling come with a risk to the buyer, and however small that risk is they want you to take it away. This request has originated with the buyer's solicitor, so if you tell your solicitor you are not going to pay, then he will simply feed that info back to the buyers solicitor.
The best case scenario will be that the buyer is keen to wrap up the deal and will purchase the insurance, worst case scenario is that the sale falls through costing you a hell of a lot more than £200.
More than likely a bit of negotiation will sort the issue out, but it will add delays and probably add to your solicitors final bill, so personally I would opt just to pay it and get the sale done and dusted.0 -
janelongstaffe wrote: »In 2 weeks time the property will not belong to me.
Should I care if the buyer loses access? (The chances of that happening are pretty remote anyway)
You keep saying this but it will remain your property unless you come to some agreement with the buyer.
In my experience, if an indemnity policy is required, it is usually the seller that pays.0 -
"sale falls through costing you a hell of a lot more than £200. "
Sounds like the plot has been sold for a good price and has the potential to be worth a lot more.0 -
I rang the purchaser this morning and he had no problems with paying the £200 himself!
He has got a very good price on the property, so he didn't even argue.
Sorted! Thank you for your help!0
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