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Anyone used Search Delay Indemnity Insurance ?
Missmarple
Posts: 150 Forumite
I am selling a property, myself and my buyer are ready to exchange contracts. The problem lies with the buyers buyer, they are really slow and now say, confirmed by the solicitor that the searches won't be back until September. This is unbelievable and i don't understand it, my buyer told them to get Search Delay Indemnity Insurance or they will remarket their property. It seems that has been agreed by their solicitor and they are waiting on their lender to agree to it. Has anyone had this happen to them and is it the easy solution it seems to be. A quick Google says it came a thing during the pandemic but lenders are not happy with it.
I see little point in them remarketing as the same thing will crop up again with a new buyer, I assume it is their area that has the problem with the delay.
I see little point in them remarketing as the same thing will crop up again with a new buyer, I assume it is their area that has the problem with the delay.
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Comments
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Most lenders will accept it. The risk of something surprising (and important) showing up in local searches is minuscule, insurance does make much more sense than everybody twiddling their thumbs for weeks while they wait to be told the blinking obvious.1
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It looks like their solicitor has agreed so the decision lies with their lender now. I'm not holding out much hope for them to agree to it.PeterE17 said:@user1977 - I was being pressed to take out an indemnity because of pandemic delays to the local council searches, but my solicitor emphatically quashed the idea. In the end, there's too much at stake to cut corners.1 -
Do you know which lender it is? The policies of most lenders are listed here:Missmarple said:
It looks like their solicitor has agreed so the decision lies with their lender now. I'm not holding out much hope for them to agree to it.PeterE17 said:@user1977 - I was being pressed to take out an indemnity because of pandemic delays to the local council searches, but my solicitor emphatically quashed the idea. In the end, there's too much at stake to cut corners.
https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/2081/
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I don't unfortunately as they are at the bottom of the chain and don't really have dealings with them.0
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