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Indemnity insurance

emilyslarkin
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emilyslarkin

emilyslarkin

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Anyone know anything about indemnity insurance when buying a house and able to give some advice or recommend someone to speak to? Our house purchase is stuck because the property comes with a right to park (that we don’t need) in a private car park owned by a company in Cayman that no one has ever heard from or can get hold of. We need us to take indemnity insurance in case they show up but our solicitor can’t find a broker who will take it on. Let me know if you’ve had a similar situation, thanks! 

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Sue

Sue

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10 hours ago, [email protected] said:

Anyone know anything about indemnity insurance when buying a house and able to give some advice or recommend someone to speak to? Our house purchase is stuck because the property comes with a right to park (that we don’t need) in a private car park owned by a company in Cayman that no one has ever heard from or can get hold of. We need us to take indemnity insurance in case they show up but our solicitor can’t find a broker who will take it on. Let me know if you’ve had a similar situation, thanks! 

What do the present owners say about it?

Do you get to park in this private car park free? Are there strings attached to that? If not, I'm struggling to see what the problem is, but then I'm not a lawyer.

Who might show up? The owners of the car park? Do they have an interest in the actual house in some way? What might happen if they showed up?

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Penguin68

Penguin68

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If you are buying the property and it comes notionally with a parking space which might be reneged on by a third party then I think it would be the seller that needs to take out indemnity insurance in case the right (to parking) which is being sold evaporates. The seller needs to indemnify you against failure to deliver what is purportedly being sold. 

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the_hermit

the_hermit

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Posted (edited)

Sorry yes you're right my mistake.  I looked up our previous purchases and we had to buy policies both times we bought houses (although one we split the cost with the seller because we argued the seller's solicitor was wrong in their opinion).  It is true though that the amount of indemnity insurance you have to buy is proportional to the laziness and inversely proportional to the quality of the conveyancing solicitors on both sides.

Edited by the_hermit
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