Completing before local searches received

[buyingstress]

Hello

I was wondering if anyone could help advise me in relation to completing on a sale of a property prior to the local authority searches being received or if anyone had experienced anything similar and could let me know what they did.

The local searches were due back on a property I'm purchasing last week but they then got delayed by two weeks. The vendor had said they wanted to complete before the end of September, which always seemed ambitious to me, so now the estate agent and the vendor are suggesting I purchase a indemnity policy to cover the local searches and complete prior to these being received.

I'm not sure what benefit this would have to me, as there is no rush my side and if anything negative came back it would be for me today deal with, not the vendor. Any help or advice would be appreciated

so now the estate agent and the vendor are suggesting I purchase a indemnity policy to cover the local searches and complete prior to these being received.
If you would never contemplate purchasing a property that was, say, at risk of flood then what use is an indemnity to you.
Cheeky wotsits that they want you to pay!

Any help or advice would be appreciated
The advice is to speak to your solicitor who will probably advise against.
As you say, there is no benefit to you. Unless they agree to knock about 30% off the price!

Even if you were happy to go ahead on that basis, I doubt your solicitor and your lender would agree. You could ask your solicitor for advice but, since you have instructed them to act in your best interests they will advise you to wait for the searches to come back. The searches could reveal something important.

Not a chance , it could create a legal nightmare if anything is thrown up

i would be AMAZED if your lender released funds before the local search landed

I’m not sure how quick it is but our solicitor held off doing the searches on our purchase due to a potential boundary query as she maintained she would use an express service which is very quick but more expensive. She did and it was fine. Think it’s a National company?

Thank you everyone for your responses.

I hadn't even considered the fact the lender wouldn't be happy to go ahead and release funds without the searches so that brings me some comfort.

We had tried to expedite the searches but this hasn't been possible.

Does anyone know how an indemnity policy would even work for something like this?? I have used them several times for previous house purchases on boilers, conservatories, etc but never for searches?? I don't understand how it would protect you if something came up which would effect the value/sale if it's all already gone through?

Lender deffo wouldn't allow this.

You can potentially get them done within 24 hours privately. We did this :)