We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
Indemnity Policies - any practical examples or experience?
ThisIsWeird
Posts: 7,935 Forumite
Thought it might be interesting to have a thread on this, as IPs are seemingly becoming de rigueur in house sales; if you don't have at least a brace, yer house purchase is pants.
Anyone had one taken out, either as a vendor or buyer?
Anyone actually actioned one due to a 'breach' - if so, what was the outcome?
Anyone taken one out and then had its validity challenged due to, for example, the other party 'knowing' that it existed.
Any interesting stories?! 
0
Comments
-
No interesting stories but for what it is worth we took one out as vendor on our previous house (our vendor also took one out for us when we bought). Two typical Victorian terrace issues- one was a peppercorn rent that hadn't been collected for at least 90 years (it was believed that the then house owners in the road bought out the landlord but there was no conclusive proof) and the other was a lost covenant (the Arc of the Missing Covenant as we called it).Our current vendors took one out too due to chancel liability.1
-
Our vendors got one against missing building regs cert for the boiler and a missing electrical certificate - allowing that the boiler is (our gas engineer reckons) circa 20 years old, and the vendor was a qualified sparky we're not too worried about either of these things, but it was a formality required by the lender and wasn't going to cost us anything!
Chancel liability indemnity is something which really is pretty much standard as part of the search package these days "No-search chancel liability cover" as it's known. Only costs about £20 so in spite of it now being highly unlikely that most folk will be affected by chancel liability at all, it's too little to be worth not doing, really.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
We've got the chancel liability thing on ours, and also one to do with the original builders from 60 years ago not giving the vendors permission to build an extension 10 years ago. Given they ceased to exist 25 years ago, think that's pretty safe. We paid for one, the sellers paid for the other.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards