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Indemnity insurance when buying a flat

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L.Blount
L.Blount Posts: 1 Newbie
in House buying, renting & selling
My daughter is buying her first flat in Romford. She has been told by her solicitor that it would be wise to take out an indemnity insurance incase the sellers are not who they say they are and run off with her money. Her solicitor says he is not liable in these circumstances and relying on the thoroughness of the sellers solicitor to verify their details is risky. As she cannot meet the vendors as they are a company who have redeveloped the flat this is even riskier. My daughter could not afford to lose her money and understands the risk and is willing to pay for the insurance if she can find a company that offers one. Advice would be welcomed.

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  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
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    It'll be the solicitor who arranges the indemnity insurance, not something she can buy herself even if she wanted to.

    It sounds mostly pointless and undoubtedly overpriced (the solicitor will probably get a backhander of some sort) - if there are genuine concerns about fraud then the solicitor won't let the transaction happen. It certainly isn't normal for buyers to get this sort of cover.
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