Finding an Indemnity Policy

99griffink

I am currently moving house and have had a request for an indemnity policy from our buyers solicitors. 

I’m happy to pay it as I don’t want to slow anything down due to the stamp duty holiday ending soon.
But I’m sure that the property already has one from when we moved in 5 years ago. I can’t find it in my paperwork, does anyone know if I can contact the council or anyone, that may know if there is already a policy on the property as I read they last for decades.
Thanks

davidmcn

99griffink said:

I am currently moving house and have had a request for an indemnity policy from our buyers solicitors. 

I’m happy to pay it as I don’t want to slow anything down due to the stamp duty holiday ending soon.
But I’m sure that the property already has one from when we moved in 5 years ago. I can’t find it in my paperwork, does anyone know if I can contact the council or anyone, that may know if there is already a policy on the property as I read they last for decades.

The solicitors you used at the time should have it. Nobody else will.

eddddy

99griffink said:

I can’t find it in my paperwork, does anyone know if I can contact the council or anyone...

You definitely shouldn't contact the "council or anyone". A condition of many types of indemnity insurance is that you must not tell tell anyone they exist - except purchasers, mortgage lenders and solicitors.

And depending on the type of policy, contacting the council might mean you cannot get a new policy ether.

 

AdrianC

99griffink said:

I am currently moving house and have had a request for an indemnity policy from our buyers solicitors. 

I’m happy to pay it as I don’t want to slow anything down due to the stamp duty holiday ending soon.
But I’m sure that the property already has one from when we moved in 5 years ago. I can’t find it in my paperwork, does anyone know if I can contact the council or anyone, that may know if there is already a policy on the property as I read they last for decades.

Yes, they're typically perpetual - which, given how cheap they are, tells you all you need to know about the likelihood of them ever being claimed against. But if it makes the buyer happy...

If you've misplaced your copy, the solicitor who acted for you during your purchase should be able to provide a copy from their files.

Your current solicitor will be able to arrange a new one.

99griffink

Unfortunately the solicitor we used before has passed away. I was given the file from his wife a couple of years ago but nothing really in there only a search about indemnity so will call that company and see what that all means.

thanks everyone, think I’ll just be parting with £275 to get a new one! 

badger09

AdrianC said:

99griffink said:

I am currently moving house and have had a request for an indemnity policy from our buyers solicitors. 

I’m happy to pay it as I don’t want to slow anything down due to the stamp duty holiday ending soon.
But I’m sure that the property already has one from when we moved in 5 years ago. I can’t find it in my paperwork, does anyone know if I can contact the council or anyone, that may know if there is already a policy on the property as I read they last for decades.

Yes, they're typically perpetual - which, given how cheap they are, tells you all you need to know about the likelihood of them ever being claimed against. But if it makes the buyer happy...

If you've misplaced your copy, the solicitor who acted for you during your purchase should be able to provide a copy from their files.

Your current solicitor will be able to arrange a new one.

Couldn't agree more.
We had an update from our solicitor today, including a draft Lack of Planning/Building Regulations indemnity policy regarding installation of boiler. We didn't request one, but she obviously did, and vendor (most surprisingly) has agreed to pay for it.
We know its an old boiler but our heating engineer has declared is safe & functioning, which is all we needed.
Policy cost is princely sum of £50, in perpetuity, cover £450k increasing with value of property. Obviously, its in chocolate teapot territory.