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Original poster

What is indemnity insurance?

11 replies

xena · 31/10/2006 13:19

We are selling our house and they are suggesting that we need to get indeminty insurance to cover the conservatory?? what is it and how much does it cost?

OP posts:
Iklboo · 31/10/2006 13:21

Don't know about cost but, basically, if it fell down & somebody got hurt they'd claim off the insurance rather than suing you

LIZS · 31/10/2006 13:24

Can't remember how much it costs - not huge amount - but basically it protects you/buyer against any future claims re: breaches of covenants, planning regs (if it say doesn't conform to most recent standards) etc. Your solicitor could get a quote and explain why it may be necessary. You might be able to split the cost with your buyer.

EmsTomot · 31/10/2006 14:18

Cost varies depending on what it covers, but usually does not exceed £200. It covers future claims and is usually suggested when there is no paperwork such as planning permission, building regs or guarentee certificates.
Usually the sellers are expected to pay, but you can negotiate for your buyers to go halves, just be careful not to pressure them so that they don't run a mile!

BloodyTenaLady · 31/10/2006 14:20

Dont you have a 10 year guarantee or similar with the firm who installed the conservatory? Surely that would suffice.

Original poster
xena · 31/10/2006 14:22

We didn't have it put it, really its only a leanto, When we ripped up the carpet out there they had used newspaper as underlay that had a date of 1980!

OP posts:
Original poster
xena · 31/10/2006 14:24

We have seriously undersold the house could get and extra 10K easily 15-20 if we could wait. The reason we agreed was that as we are moving a large distance we are to exchange within 8wks and then complete 10wks after exchange
So were not paying!

OP posts:
EmsTomot · 31/10/2006 14:29

Remind your buyers that you have undersold the house, speak to your agent and see if there are any other buyers registered with them that would be interested. Then go back to your current buyers and advise that if they want the lean - to covered, they need to pay in light of your already huge reduction on asking price - remind them that you could sell it again easily (but obviously make sure you can...) they probably won't pull out over a small amount of money because at this stage, they will have already paid survey, mortgage fees and have some solicitors costs.

BloodyTenaLady · 31/10/2006 14:29

find out the cost of the indemnity insurance, sols should know and pass the cost to the buyer on the basis that they got a good deal.

Original poster
xena · 31/10/2006 14:57

Thanks guys have got onto solicitor she says would cost less than £100 so she will tell them shes happy to arrange if they are happy to arrange, talked to estate agents and they say fair enough thinks buyer ok with that......... We may really exchange this week!!

OP posts:
EmsTomot · 31/10/2006 14:59

Fantastic news! Well done, hope the move goes well!

BloodyTenaLady · 02/11/2006 10:33

All my years in the housing market were not wasted then Good luck with the move.

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