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Tug Boat
Posted: 21 October 2021 17:47:32(UTC)
#13

Joined: 16/12/2014(UTC)
Posts: 2,018

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I think there may be a mix up between the indemnity when purchasing or selling and that of a professional tradesman.

I have access to a partner in a law firm. These things protect both parties from almost any expense. It’s insurance. You can’t keep it in court, because the estate will be sued. You should not have to pay anything.

I checked this out last time I moved when I needed the cover.

Get a good solicitor is the first thing the OP should do, not a cheap bucket shop type.
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2 users thanked Tug Boat for this post.
Ad B on 21/10/2021(UTC), SAOD 74 on 26/10/2021(UTC)
Ad B
Posted: 21 October 2021 19:01:13(UTC)
#5

Joined: 20/04/2020(UTC)
Posts: 375
ANDREW FOSTER;191351 wrote:
Ad B;191342 wrote:
ANDREW FOSTER;191264 wrote:


I'd run a mile.

Insurance, if you had to claim, you will be tied up in knots and massive stress for years. In the meantime half your house may be demolished, but you can't buy another as the insurance hasn't paid out. Just consider being in that scenario.

And it will never properly compensate for market values etc.

They may also not have lost the deeds, just saying they have as they don't want you to see them.

I just wouldn't go there. Gigantic red flags all over it. The vendors need to offer a proper package or not at all.


Don't listen. He hasn't got a clue. Ask him when the last time was that he bought something that needed an indemnity policy. Or when he needed to claim on an indemnity.

What you should do is pin your solicitor down to an opinion. Get it in writing. It's actually amazing how often these types of indemnities are taken out. And even more amazing how rarely they are used. They're extremely useful, as in the situation as quoted above by Bens Dad.


Let me tell you then.

We bought a house that had a loft conversion that had a planning consent number. We had a full structural survey, you know the ones with legal professional indemnity cover. It was all OK'd by the solicitor.

Turned out after that though the planning had been applied for, it had never been inspected or signed off. It was structurally unsound and had been done by a cowboy builder.

There then followed 2 years of legal wrangles and claims on the surveyor's indemnity and the solicitors professional cover. It took nearly £10,000 of expenses to settle the claim, with eventually the stance that "you can accept this minimal compensation or we are going to keep this in court for ten years and we are solicitors".

The replacement work cost £60,000 and we got £25,000 "compensation" plus no refund of the £10,000 of legal expenses.

Now tell me I have no clue. That is my experience.

What is yours?


Just reread your post. You're not even talking about a specific indemnity policy, you're talking about the general indemnity insurance that the prof has. Nothing to do with the situation that the op is querying about.
Good grief.
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Dennis .
Posted: 25 October 2021 12:59:19(UTC)
#14

Joined: 26/12/2007(UTC)
Posts: 1,018
A friend of mine lives in a former council house in a sought after Dorset village, the house had originally been sold to a housing association and he bought it from them over 40 years ago. It has a restrictive covenant which says that it can only be sold to someone who has lived and worked in Dorset for at least two years. The problem is that jobs locally don't pay enough to buy a house due to second homers pushing up prices and incomers like pensioners won't have worked in the area for two years. He can't persuade the housing association (which would gain nothing) to lift the covenant.
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paul armstrong
Posted: 25 October 2021 21:37:14(UTC)
#15

Joined: 14/03/2010(UTC)
Posts: 1,366
Has the house been sold previously ? Were there ever any deeds ?
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SimonHughes
Posted: 26 October 2021 04:36:42(UTC)
#10

Joined: 07/08/2018(UTC)
Posts: 1,267
Tug Boat;191346 wrote:
..........

It’s as common as Elsie Tanner.


What? Elsie was a classy lady. I am shocked by your comment.
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Logic Prophets
Posted: 26 October 2021 06:39:38(UTC)
#16

Joined: 23/07/2018(UTC)
Posts: 1,636
You might not have to demolish anything at all Laurence… and a lot can depend on which local authority you are in.

If you like the house enough… dream home etc… then I’d let the solicitors do their work.
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Dennis .
Posted: 26 October 2021 09:39:44(UTC)
#17

Joined: 26/12/2007(UTC)
Posts: 1,018
I have a friend who has lost his Deeds, they were in the custody of NatWest Bank and when the local branch closed they went missing and the Bank has not managed to find them so it can happen for valid reasons.

So is the house on registered land? If so it might give you some useful information

https://www.jcsolicitors...with-the-land-registry/

might also be worth learning about "adverse possession" where if something is fenced in for 12 years then it becomes part of your property

https://www.johnantell.c...erse-possession-of-land

My house was built in 1974 and has a strip of land attached which is now part of my garden but apparently I own it as the original owner (not my neighbour) has never challenged it.

One other point, if there are covenants involved and the Deeds are lost then who is to know who the covenants are with?
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