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Buyer wants me to pay the stamp duty if we run over the deadline
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When several tons of chimney has crashed through your home and hopefully not killed anyone, you can dust off the indemnity policy and find out that it doesn’t cover the situation. Most likely your house insurance won’t either. You bought a defective house, and it fell down.No reliance should be placed on the above! Absolutely none, do you hear?1
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Indemnity insurance is unlikely to be an option now that the council has been "tipped off" by having a specific request made to it. Though if the works are historic, I'm not sure why anybody is pursuing it, let alone holding up the transaction for it. Perhaps the OP will come back and clarify.2
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Thanks yes that makes sense.Grumpy_chap said:
Not really.lookstraightahead said:Surely an indemnity policy depends on how old the building work is?
The Building Regulations Indemnity Insurance simply protects against an enforcement notice being served by the Council. About as useful as a chocolate teapot, but if it gets the sale done, then a good spend:
https://www.simplybusiness.co.uk/knowledge/articles/2016/01/indemnity-insurance-building-regulations/
The insurance does not cover against the building works being sub-standard. Like the rest of the property, that is for the buyer to do their surveys and caveat emptor.0 -
How much SDLT are we talking about?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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