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Indemnity insurnace for defective Lease
hatnezmaturestudent
Posts: 40 Forumite
Hi, conveyancing advice please?
My wife is selling her late father's flat. Her solicitor has written to her that the buyer's solicitors have identified the need for an indemnity insurance policy to be taken out because the property has a defective lease. The Third Schedule of the lease as delineated and “coloured pink” on the lease plan, does not contain any colouring. MY wife's solicitor agrees with the defect and has recommended a reputable policy for one-off payment of £149 plus her admin fees, to indefinitely protect the buyer and subsequent occupiers of the property against any claims against defective lease. My wife's solicitor has confirmed that this is one-off and there would be no ongoing liability after completion.
My question is, to me this seems very trivial issue just because the plan isn't coloured? Is the indemnity insurance necessary? Or are the solicitors trying to make bit more money?
My wife has used her solicitors number of times. They are meant to be conveyancing specialists and commonly used in area we live.
Thank you.
My wife is selling her late father's flat. Her solicitor has written to her that the buyer's solicitors have identified the need for an indemnity insurance policy to be taken out because the property has a defective lease. The Third Schedule of the lease as delineated and “coloured pink” on the lease plan, does not contain any colouring. MY wife's solicitor agrees with the defect and has recommended a reputable policy for one-off payment of £149 plus her admin fees, to indefinitely protect the buyer and subsequent occupiers of the property against any claims against defective lease. My wife's solicitor has confirmed that this is one-off and there would be no ongoing liability after completion.
My question is, to me this seems very trivial issue just because the plan isn't coloured? Is the indemnity insurance necessary? Or are the solicitors trying to make bit more money?
My wife has used her solicitors number of times. They are meant to be conveyancing specialists and commonly used in area we live.
Thank you.
0
Comments
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Depends on whether there is genuine scope for ambiguity. Have you looked at the plan yourself? What is the plan actually defining?0
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I haven't neither has my wife. Its never been in her possession or her dad's. Its a flat in a block of 10. The lease is kept with managing agents who represent the freeholding company which my wife's father had 1/10 share of. My wife had the title deeds that anyone can get from Land Registry. The plan is coloured on that. Just seems trivial because Lease plan isn't coloured pink as described in the lease? I guess we either trust my wife's solicitor or we don't. Thanks0
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Hi there, where did you end up with this issue? I'm having a similar problem where the boundaries of the property are marked in dark pink in the plan but stated as red in the wording. My solicitor is recommending indemnity insurance but this seems ridiculous for such a trivial matter.
Any advice appreciated, thanks.0
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