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.how much for indemnity insurance?
Options
blue-kat
Posts: 453 Forumite
we have everything just about ready to exhange ( 18 weeks since we accepted the offer!) but now our buyer wants extra insurance. They've been really pushy all the way and sadly my goodwill is all used up. But then if necessary will pay out yet again to hasten the move.
There was an omission in the deeds of our house about right of way and drainage, I have sworn a Statutory Declaration about this which has gone to our buyer's lender, but NOW they want indemnity insurance for it as well.:mad:
I've told the est. agent to ask them to drop this to expedate the sale. Also everyone else in the chain has told their solicitor that it's not necessary for their respective purchases.
If I do have to get indemnity insurance, any how ideas how much it might cost? and how long does it take to actually get organised?
thanks
-
There was an omission in the deeds of our house about right of way and drainage, I have sworn a Statutory Declaration about this which has gone to our buyer's lender, but NOW they want indemnity insurance for it as well.:mad:
I've told the est. agent to ask them to drop this to expedate the sale. Also everyone else in the chain has told their solicitor that it's not necessary for their respective purchases.
If I do have to get indemnity insurance, any how ideas how much it might cost? and how long does it take to actually get organised?
thanks
-
0
Comments
-
I don't think it is very expensive something like £10 for every £10,000 covered with a minuimum preium of £100.... well thats what we were quoted for a property which had a "flying freehold"
Your solicitor should be able to tell you (ours issues cover notes themselves on behalf of Sun Alliance or someone similar)0 -
Indemnity insurance of this kind is normally arranged by the buyers' solicitors. It will benefit the buyers, their lenders as well as future owners of the property.
If the solicitors are clued-up on this they will know about 'self-issue' indemnity insurance. At least three insurers offer this. Cover can be arranged in about 5 minutes and the solicitor does it himself.
The cost will be under £300 for a property value of up to £300,000.
You would normally agree in the contract that the buyers are to have an allowance of the premium on completion.
RiskAdverse1000 -
many thanks RiskAdverse and GreenB.
we've had to drop the price a lot and pay out for extras to make this sale go through, but hopefully it'll all be worth it once we've finally moved !
-0 -
Hi Blue-kat
Slightly off tack but I have absolute sympathy with you. An offer was received on my house Xmas week 2004. I completed on 12th may 2005. Nearly 5 whole months. I now believe the buyers solicitor was stalling whilst he sorted out his finances following a split with his partner.
Every week there came a different request usually with some financial impication attached. They wanted a gas service certificate for the boiler and indemnity insurance for the garage, loft & boiler installation. I paid for the boiler service & obtained retrospective planning approval for the latter. Even after obtaining the ret planning approval the buyer still wanted the inusrance. Told him to take a large leap, stated point blank 'NO' and if he did not now proceed then I put the house back on the market. It worked after many weeks of exchanges.
The buyers solicitior would not speak to my estate agents (beneath him no doubt) and was very patronising in his wording on letters I received. Even his secretary who fielded his calls thought she was on a higher plane than the rest of us mere mortals.
Like you, after months of 'doing whatever' to please the buyer I lost my cool in a big way. I was told not to speak to the buyers solicitor under any circumstances but could not hold my temper. Still could not get through to him so let rip at his secretary who did not know what had hit her. Some strong words were thrown at her company and how they had treated me. I did expect to receive a 'threat of slander' letter but alas nothing came.
Also had a row with the office manager of my estate agents. As I was paying them nearky £3k I felt I deserved a better level of service and that they seemed to be leaning towards the needs of the buyer. Their only focus seemed to be on getting paid their commission.
All in all a very bitter experience but a few tricks of the trade learnt for future reference. Will not touch this estate agent ever again and have employed a new solicitor for future dealings. This was my PPR but have since started my own property development business so no doubt many more 'stressful' moments to come.
Hope your house move goes through okay.
Dave0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards