Selling house with Loft Conversion - buyers want Indemnity Insurance

MrBroccoli

We advertised our house as 3 bed + loft conversion. Our buyers have asked for Indemnity Insurance for the conversion, is this a normal request? How much should we be expecting to pay?

ElephantBoy57

Try here?

https://www.comparethemarket.com/ps/business-insurance/professional-indemnity/?SRC=EZ15&TrackerID=43700047367421441&gclid=Cj0KCQjw28T8BRDbARIsAEOMBcyKPea1cWRNAGaaTElMtoqMzeCgBAZ4D27Av4MH6cgVUjsZVsZKKF4aArpMEALw_wcB&gclsrc=aw.ds

davidmcn

I presume the conversion is lacking consents? How old is it? Isn't your solicitor giving you any guidance? Normally it's the solicitors who get the insurance (and you can haggle over whether you or the buyers pay for it, but in the grand scheme of things it's not a vast cost either way).

greatcrested

Presumably the insurance is being requested because you failed to get Building Regs certification and potentially either

1) used a cowboy builder or

2) the LocalAuthority might demand the conversion be undone or re-built to comply

The buyers surveyor may be able to comment on 1) above - though much of the conversion may be hidden from view.

The LA can't normally enforce after 12 months (2 years to prosecute the builder)- when was the conversion done?

Insurance costs around £150?

eddddy

MrBroccoli said:

We advertised our house as 3 bed + loft conversion. Our buyers have asked for Indemnity Insurance for the conversion, is this a normal request? How much should we be expecting to pay?

It will be their mortgage lender who wants the indemnity insurance. It might cost about £100.

If the buyers are happy with the quality/construction of the loft conversion, that might be all they ask for.

But if they're worried about the quality/construction, they might instruct a surveyor or structural engineer to have a look at it.

eddddy

ElephantBoy57 said:

Try here?

https://www.comparethemarket.com/ps/business-insurance/professional-indemnity/?SRC=EZ15&TrackerID=43700047367421441&gclid=Cj0KCQjw28T8BRDbARIsAEOMBcyKPea1cWRNAGaaTElMtoqMzeCgBAZ4D27Av4MH6cgVUjsZVsZKKF4aArpMEALw_wcB&gclsrc=aw.ds

Just in case anyone is confused by this post - the link is to completely the wrong type of insurance, so it's best to ignore it.