No search indemnity insurance

Sparklypot

 We are looking to buy a property and the agent has asked if we would use no search indemnity insurance as there are long delays with local searches (approx 6 weeks). It has come from the seller as it is a chain free sale. We are paying the asking price and I'm starting to wonder if its because they are hiding something 🤔? But does anyone know if Halifax will consider it ? I know its common on new builds as searches are done for planning. Thank you :-😊

user1977

Sparklypot said:

But does anyone know if Halifax will consider it ?

Yes, they accept search insurance:

https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/halifax/#C9105

I very much doubt the vendors are "hiding" anything, they just want to get on with the transaction. It's incredibly uncommon for local searches to reveal any significant surprises (which you wouldn't otherwise know about). That's why the insurance is even cheaper than the search.

Sparklypot

Thanks user1977. I'm getting conflicting info from solicitors and lender, no one can give me a straight answer! we are also chain free (house already sold and completed) so can go quickly anyway, think the buyer wants it as a condition for sale.

user1977

Sparklypot said:

Thanks user1977. I'm getting conflicting info from solicitors and lender, no one can give me a straight answer! 

The frontline staff at the Halifax probably won't have a clue about the legal process - the link is from their standard solicitors' instructions, this is for your solicitor to sort out.

Sparklypot

Thanks for the help, the info came from within the Halifax not frontline staff. It seems no one likes to commit!

K_S

Sparklypot said:

 We are looking to buy a property and the agent has asked if we would use no search indemnity insurance as there are long delays with local searches (approx 6 weeks). It has come from the seller as it is a chain free sale. We are paying the asking price and I'm starting to wonder if its because they are hiding something 🤔? But does anyone know if Halifax will consider it ? I know its common on new builds as searches are done for planning. Thank you :-😊

@sparklypot Halifax did so for a personal purchase last year and for a client who needed an expedited process. However, do remember that can be exceptions to this depending on what comes up during the rest of the conveyancing and the specifics of the property/area. So do caveat your commitment if you're making one.

Is 6 weeks that long anyway in the conveyancing process? There are plenty of things that can be done in parallel while that's happening. 

Sparklypot

Thank you K_S. I agree that 6 weeks isn't that long and tbh would rather do the normal route. We are pretty ready to go as we have had a few houses fall through and have been living with family for 5 months...need a house now 😁. This is a probate sale so no chain .