Help - indemnity insurance on local area searches??
MrsHogwallop · 06/10/2020 11:29
Hi, hoping to exchange contracts today, local area searches not due until next week. Buyer is pushing us for dates. Lawyer says indemnity insurance is a good option and would pay out on any loss to value - but given that we want to live in the house for 20 years, what are the risks?? The area around the house is reasonably built up, doesn't look like there is space for a new block of flats. Any advice very much appreciated.
Saz12 · 06/10/2020 11:35
Personally I wouldn’t. Indemnity may well pay out on loss of value, but that’s very hard to put an actual figure on. Also, it’s loss of value to YOU might be more concerning than the loss in market value.
Get your sol to go back to the vendors and explain. They may well not want to pay out for the indemnity cover anyway.
MrsHogwallop · 06/10/2020 12:01
Thanks Saz - sorry should have explained - I'm waiting for searches on the house I'm buying, so would be paying for the insurance myself. Solicitor saying that local searches only cover our actual house - I thought they would tell us about planning permissions and mobile phone masts etc.
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