Morgage and indemnity insurance

nurse1980

Hi, does anyone know how long it usually takes for a Morgage company to ok an environmental indemnity insurance? 

Thrugelmir

Question for your solicitor. 

user1977

Depends on which lender it is and how busy the relevant people are - I doubt there's a standard answer. They might want to pass it on to whoever did the valuation for their opinion.

Does it actually need to be okayed by the lender anyway? Generally they tend just to let the solicitor get on with it.

K_S

@nurse1980 As the poster above said, it's rare that the lender actually needs to sign-off on the insurance policy itself. The solicitor will usually go by the instructions in the CML handbook (the 'manual' which solicitors refer to for lender's conveyancing requirements) to decide if an indemnity policy would be acceptable and if so, what boxes it needs to tick.

If it does require lender sign-off, the timelines will vary based on how complex the issue is and how good the lender is at processing these kind of issues so I doubt you can get a clear answer.

nurse1980

Thanks. Unfortunately our buyer is using an online conveyance company so things are moving very slowly.