Boiler Indemnity Policy cost?

Margot123

I'm selling a house and the buyer's solicitor wants me to take out a 'boiler indemnity policy' after completion as I do not have any paperwork regarding the boiler.

After arguing that I have had it serviced and the gas safety checked recently, I've come to the conclusion that I will have to pay up or it will drag on for ages.

So, my questions is, how much will it cost me roughly on a £250,000 house?
TY.

lincroft1710

A boiler indemnity policy is really only useful if the boiler was reasonably recently installed but without building regs notification.

Of course it will come in handy when the council make their quinquennial inspection of every house in the district demanding to see any alterations and requisite building regs.

Warning Some (or even all) parts of the above may not be wholly accurate.

RedFraggle

Not much, we have just paid about £40 for an indemnity to cover lack of regs for boiler installation (2013, fitted by a gas safe person but it was meant to be included in the building regs for the attic conversion and was omitted in error) and double glazing (2007, installed by DH and meant to have had CERTAS but they didn't provide the certificate)

Margot123

Thank you.

From other threads I've seen, this type of cover is totally meaningless unless the boiler is recently installed and doesn't have the building regs certificate. Action can only be taken within one year of installation, as far as I know.......if the overstretched council can even be bothered!

Yet another fee for solicitors to charge for doing absolutely nothing. Just glad it is fairly cheap, even though a waste of money.

stator

Your response should be that the Buyer can pay for any indemnity policy they like but that you will not.

Margot123

stator wrote: »

Your response should be that the Buyer can pay for any indemnity policy they like but that you will not.

They have already indicated they will not pay for it. Rather than end up in a protracted argument where the solicitors continue to rub their hands, I'll foot the bill.

eddddy

Margot123 wrote: »

They have already indicated they will not pay for it. Rather than end up in a protracted argument where the solicitors continue to rub their hands, I'll foot the bill.

Very sensible.

Whilst it sometimes feels good to make ultimatums, it's typically not a good negotiating strategy.

Letting things like this escalate, and potentially losing a £250k sale for the sake of a £50-£100 insurance policy, probably doesn't make good sense.

G_M

1) Your solictor will purchase it for you - they are not availale to the general public. So ask him how much?

2) it's not "another fee for solicitors to charge for doing absolutely nothing" as
a) the solicitor has to arrange it, and
b) the solicitor is not rceiving the money, the insurance company is

3) personally I'd simply refuse to pay (unless the boiler was recently installed). Buyer has doubtless already paid for a survey, searches, mortgage application, other fees, plus got excited about buying their new home, so are they really going to walk away over this?

4) having said that, I can understand why soe people would agree to pay

Margot123

G_M wrote: »

1) Your solictor will purchase it for you - they are not availale to the general public. So ask him how much?

2) it's not "another fee for solicitors to charge for doing absolutely nothing" as
a) the solicitor has to arrange it, and
b) the solicitor is not rceiving the money, the insurance company is

3) personally I'd simply refuse to pay (unless the boiler was recently installed). Buyer has doubtless already paid for a survey, searches, mortgage application, other fees, plus got excited about buying their new home, so are they really going to walk away over this?

4) having said that, I can understand why soe people would agree to pay

2)The solicitors charge a processing fee, so they do make something out of it.

3)The sale process has already been going on for over 4 months. The house sits empty, and the unoccupied house insurance is due to lapse in a few weeks, so I will be paying up whilst swallowing my pride.

G_M

Margot123 wrote: »

2)The solicitors charge a processing fee, so they do make something out of it.

3)The sale process has already been going on for over 4 months. The house sits empty, and the unoccupied house insurance is due to lapse in a few weeks, so I will be paying up whilst swallowing my pride.

2) as I said: " the solicitor has to arrange it". Chances are they are covering their admin costs/time. If they 'make' anything it will be minimal. But my own solicitor just charges the premium.

3&4) well again as I said:"I can understand why some people would agree to pay". It's like the blinking game.

Refuse to pay & you risk extra costs on insurance etc. and perhaps even a lost sale. And the buyer risks losing all the costs he's already spent, and the property he wants to move into.

So who will blink first?

capital0ne

Tell your purchaser to get his own or get lost!