• Indemnity Insurance On Expired Searches

    By Guest on 07th May 2019

    Buying a new build house and the searches expire before we will compete so solicitor is asking us to take out indemnity insurance at cost of £200+. What does this mean? Should the builder be paying for the indemnity not us?

  • 2 Answers

    By Guest on 08/05/2019

    There is nothing in law to say who must pay for an indemnity. Generally the seller would pay to cover a defect in the property, whereas the buyer would pay for searches/search indemnity. A search indemnity policy is usually about £30-£100 depending on the property purchase price so it sounds like a very high charge in your case. The solicitor may be making a profit on it - you should check their commission/fee on it as compared to the raw cost of the policy.

    Express Insure also offer indemnity policies on 03333 122 221

  • By Guest on 08/05/2019

    Thank you. Suspected they are overcharging. In the case of a new build home is it necessary and what does it cover against please?

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