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Title Insurance Policy as Buyer has failed to get clear environmental survey?

(6 Posts)
DaveyStott Tue 04-Mar-14 13:03:48

We have received a letter from our solicitors asking if we would like to buy a Title Insurance Policy to protect the buyer who has failed to get a clear environmental survey on our house. Can someone with experience explain what this is and if we should buy this policy? (BTW - have contacted our solicitors, but no response)

WytebordMarker Tue 04-Mar-14 19:54:40

Who is the underwriter?

Advice not to buy unnecessary insurance. Do not think you need it and cannot think of any scenario that you can claim.

If they cannot give you the name of underwriter / the policy sounds like bogus insurance, you might need to notify the Financial Ombudsmen.

DaveyStott Tue 04-Mar-14 20:42:00

No info about underwriters. I just don't understand why we need title insurance for the Buyer failing to get a environmental search????Isn't title insurance in case there is some issue with ownership?

WytebordMarker Tue 04-Mar-14 21:24:28

There is nothing called "title" insurance as such. I guess the underwriter is called "first title"?

If the solicitor cannot explain to you clearly why you need to buy it and what it is for, do NOT buy it! I do not think you need it.
If they cannot disclose all relevant information correctly, they are not "treating customer fairly", you may be able to get compensation from the Financial Ombudsmen.

Sometimes they would sell this sort of "conveyancing" insurance for the high commission (highly profitable, almost zero chance of making a claim).

The solicitors / agents / bank may try to sell you all sort of insurance. Avoid at all cost. The only one that is worth getting is building insurance, which is usually cheaper to get it elsewhere.

Hope it helps smile

DaveyStott Wed 05-Mar-14 20:53:09

Spoke to our solicitor (finally) today. It was a request from our buyer's solicitor. Our solicitor didn't sound very impressed. It supposedly protects the buyer against any future action to clean up contaminated land - the search could not confirm or otherwise any contamination. Still not entirely sure why the seller should be buying it?
We won't be buying it.

WytebordMarker Thu 06-Mar-14 21:54:33

This type of insurance is used more in America and Eastern Europe. It is only worth getting it if you are buying a commercial property in the UK.

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