Indemnity insurance

[Ladyof]

We have put an offer in on a house and the seller has asked us if we will look to have indemnity insurance to speed things up.

Can anyone explain any concerns I need to have as I dont know much about it. I was going to speak to my mortgage advisor for more info but I just wondered if anyone on here had any thoughts?

Thanks

Is this regarding searches? Delayed search indemnity insurance is possible if your mortgage company will accept it. Not all do.

Indemnity insurance can cover many things, what is it the seller is proposing in this instance?

pointless - it doesn't cover you against anything being wrong it only covers you against legal action against you over the issue.

Sorry yes in regards to searches...

It allows you to get a mortgage without all searches being back. It is apparently very difficult to claim on though if any problems come to light after exchange. We got it as had a deadline to meet and local search wasn't going to be back in time, but we did some research and had access to a 2yr old search for same property to reassure us, but it's still a gamble.

@Cdl84
Any advice where we can get hold of old search? I am in the similar situation, solicitor suggested to take out indemnity in place of local search due to delay but I don't know where to start..

Thanks.

Our solicitor found a suitable policy after speaking to our mortgage provider to see what they would accept. I'm not even sure who it is with to be honest.