Search indemnity insurance

btcp

Did anyone use search indemnity insurance when waiting for local searches for a long time? This is the only thing which would prevent us to complete by June 30 and I am wondering if this insurance help... 

user1977

Yes. The risk of anything disastrous being disclosed in the search is minimal. And you can check things like planning applications yourself easily enough. 

[Deleted User]

find out if your lender will accept it before you pay for anything.    Kind of split 50/50 in the industry on them being accepted

btcp

So just to clarify, in this instance we will complete without searches returned and take a risk that something bad is identified. Then if it will, the consequences will be covered by insurance? 

user1977

btcp said:

So just to clarify, in this instance we will complete without searches returned and take a risk that something bad is identified. Then if it will, the consequences will be covered by insurance? 

Basically, yes.

K_S

@btcp If the lender accepts it, it's use is increasingly common over the past year.

btcp

Thanks all for your replies, this is new to me.  I wasn’t aware there is a way to complete without searches, this opens a good opportunity. My solicitor suggested it, I hope they are aware if my lender accepts it or not. I will ask them to confirm. 

user1168934

K_S said:

@btcp If the lender accepts it, it's use is increasingly common over the past year.

Hi @K_S

Very sorry to hijack this thread but I could really use some mortgage related advice please on my post.

https://forums.moneysavingexpert.com/discussion/6274001/will-mortgage-lenders-lend-on-property-with-missing-documents-and-unknown-restrictive-covenants/p1?new=1