In the light of closures and problems with working practices and processes, we are beginning to see cases where local searches have been applied for but have not been received and the parties need to exchange contracts. We can arrange cover for exactly those circumstances, in respect of both Residential and Commercial Properties, very quickly and cost-effectively.
In what circumstances is cover required?
A number of different types of Search indemnities are available from a variety of insurers.
Cover is available where a Property is being purchased and one or more official searches, being a Local Land Charges Search, Local Authority Search, Drainage and Water Search, Coal or Mining, Environmental or Chancel Searches are not being applied for or have been applied for but the results will not be available in time to complete a transaction. Cover can also be provided for the situation where searches were carried out in the last two years but during a re-finance, the lenders ask for more up-to-date searches.
Insurance can be arranged to cover you for any adverse search entries that may have arisen at that time which cause a detriment to your property value.
Cover is not only available to mortgagees, but it can also include cover for the owners/purchasers of the property.
Risks covered: adverse difference in market value, cost of settling out of court and other costs and expenses arising out of matters that would have been revealed had the searches been undertaken or received prior to completion of a transaction.