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RedB
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Indemnity insurance when selling house - I am probably BU!

RedB, 18 of February of 2009 at 15:48 Posted on Off Topic Posts 0 3

We have an offer on our house which is fab news all round as we thought we were going to have to rent it out when we move to our delapidated wreck in the country and try and do it up on no money! Anyway, the sale is supposed to exchange and complete next week and we have had a constant stream of questions from the buyer's solicitors. We have had three requests for indemnity insurance - one to cover a rear access to the house (terrace) which is over land that no one apparantly owns, one is to cover the fact that we had a proper roof and window put in a few years ago to replace a plastic corrugated roof on a sort of lean to but didn't get it FENSA registered as we didn't know we needed to, and this final one is because apparantly there should be a drain in the courtyard garden and at some stage (way before we ever bought the house) it has been covered up. The first two came together and after a while we said we would pay for the insurance - £360 all up. This drain thing has just come up and they want a further £340 for indemnity insurance. I know in the scheme of things its not much but I just feel we are bending over backwards to make it happen, we have moved the completion forward (meaning we are moving before we would choose to) to accommodate their time frame.We offered to go halves and they refused. I know at the end of the day we will end up paying but it makes me mad - we don't have any spare money so anything we spend on this comes off what we can spend on the new place.

Is it worth pushing back over? I know it really isn't so have answered my own question but it makes me mad!

Thanks for letting me vent!

3 replies

Latest activity by RedB, 18 of February of 2009 at 16:02
  • Caro 2004
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    Caro 2004 ·
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    Is it really that expensive?

    We had to get indemnity insurance for a damp issue (which actually wasn't damp, but that is a whole other story). I remember it as being well under £100. I think it is probably just worth accepting in the current climate, but I would try to find cheaper

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  • NickJ
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    NickJ ·
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    I think it depends on how serious an issue the drain is. only you can decide that, but in my experience, if the buyer really wants the house, and as long as the drain issue isnt linked to any possible structural problems and or other drainage issues, i d tell them take a hike. similar thing happened to us when we sold our last house; it had a septic tank and the buyer wanted a policy to cover any drainage collapses. the tank and its fittings was less than 5 years old, so i told them to get stuffed. everything went ahead as normal.

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  • P
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    Peaz ·
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    I know where you are coming from!! Our house was on the market for a year so when we had an offer we were over the moon. But our buyer insisted we paid stamp duty, then we had to pay for a report, and then for a search on the property. We are now so skint that we cannot do anything to the house that we are moving into and we struggled to agree to pay for the report (they agreed to go halves) but it was better than lose the buyer. She is also a very nice person but buyers do weald the power at the moment!!

    I know it stinks but my advice would be to suck it up, especially being so near to completing.

    Sorry i cant help on the indemnity insurance side of things. All the best with your move.

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  • RedB
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    RedB ·
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    Wow Peaz, you have made me realise that things could be worse - making you pay for all that is incredibly cheeky. Our buyers are first timers and I think are just doing what their solicitor tells them to. I'm hoping when our solicitor goes back to them to say we are not willing to pay it all ourselves, they might just cave. but if not, I don't suppose the world will end if we have to live with bare plaster and floor boards for a month longer than planned!

    Thanks for all your responses, they've calmed me down a bit!

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