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Indemnity insurance relating conditions of covenants
morganplus8
Posts: 1 Newbie
My house: built in 1969 - local builder - one of approx 300 homes. Original sales contract included a covenant stipulating certain conditions ie no hedges or fences to front, no parking of mobile homes; the problem ones are any form of extension, garden sheds, works to walls, floors, roof, approval must be obtained from original builders. We have lived here for over 30 years. Previous owners had extensions built, all with planning and BC consents. A new company have bought rights to original contract/covenants. We have sold our house STC. The new owner of the covenant forced us pay £6450 to amend covenant; I have received notice that Land Registry have amended records - our solicitor said we had to pay. Buyers solicitors are being difficult. How do I get Indemnity Insurance to convince buyers all is in order. Just to note our solicitors are ********* useless.
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Comments
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This is the missale section. Try posting in House buying, renting & selling — MoneySavingExpert ForumI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I have asked MSE to moveNever pay on an estimated bill. Always read and understand your bill0
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Sorry, not clear from your post what the current problem is if you have already got retrospective consent under the covenants?0
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Sounds like you agreed to a path, if reluctantly and are now trying to get out of paying the bill?morganplus8 said:My house: built in 1969 - local builder - one of approx 300 homes. Original sales contract included a covenant stipulating certain conditions ie no hedges or fences to front, no parking of mobile homes; the problem ones are any form of extension, garden sheds, works to walls, floors, roof, approval must be obtained from original builders. We have lived here for over 30 years. Previous owners had extensions built, all with planning and BC consents. A new company have bought rights to original contract/covenants. We have sold our house STC. The new owner of the covenant forced us pay £6450 to amend covenant; I have received notice that Land Registry have amended records - our solicitor said we had to pay. Buyers solicitors are being difficult. How do I get Indemnity Insurance to convince buyers all is in order. Just to note our solicitors are ********* useless.
The time to raise the possibility of using insurance rather than changing the covenants was before changes were made etc.0 -
Breach of covenant is a form of title insurance and this may be what you’re after. It is usually sold by solicitors or licensed conveyancers. It is typically very cheap to buy.0
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An indemnity policy is usually to guard against the cost of someone subsequently finding out about the insured issue (e.g. breach of covenant).
Here, it sounds as though the covenant owners are already aware of the breach.
Therefore, I wonder whether an indemnity would be possible anyway?0
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