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MatthewM1117
MatthewM1117,
Category: Property Law
Satisfied Customers: 333
Experience:  Expert
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I just wanted to know exactly what indemnifying against

Customer Question

Hi, I just wanted to know exactly what indemnifying against searches might entail (I am due to purchase a flat in Wiltshire but searches will take 11 weeks apparently and so I have been advised to indemnify myself against the searches - presumably this means that I can move in quicker? But what exactly do you indemnify yourself against? Thank you
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No paper work - just waiting for mortgage to go through firswt
JA: Where is the flat located?
Customer: Malmsbury
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: nothing lese, thank you
Submitted: 15 days ago.
Category: Property Law
Expert:  MatthewM1117 replied 15 days ago.

Good afternoon, thank you for contacting Just Answer my name is***** am a solicitor and I will be assisting you today. All no search indemnity policies slightly differ, however generally they will cover any loss sustained as a result of adverse entries which would have otherwise been revealed had a search been carried out prior to completion of the transaction.

For example, moving into a property which is liable to heavy flooding or that a property has had an extension but did not recieve the required planning permissions.

Customer: replied 15 days ago.
Hi Matthew. Thank you. So, essentially I won’t be loosing anything by indemnify against searches (basically, the searches are going to take 11 weeks to conduct and I’d like to move into flat ASAP. I can’t understand why there isn’t a generic document for the same block of flats- just needs a bit of a rejuggle per individual flat. Could save a lot of time!
Expert:  MatthewM1117 replied 15 days ago.

The majority of lenders accept no search indemnity as you are purchasing a flat the risk is likely to be reduced.

Expert:  MatthewM1117 replied 15 days ago.

Hopefully I have answered your question but if anything remains unclear I will be happy to assist you further.

Customer: replied 15 days ago.
Hi Matthew, thank you, ***** ***** Yes, it actually makes me less nervous now- I still don’t understand why there isn’t just a generic document for every flat in the building but I now realise that many searches for that area will have been carried out already (so certain things would have been highlighted already). Thank you again!
Expert:  MatthewM1117 replied 15 days ago.

Understandably so, a property purchase is a big investment but a flat is likely to be a less of a risk than a house. I wish you all the best in your purchase and if we can be of any further assistance do not hesistate to come back to us at Just Answer.