Reading, United Kingdom

Indemnity policies have been created by the insurance industry to fill the gaps that sometimes occur in the conveyance process when documents are missing. It is effectively a form of insurance to cover defects in property in the case that a third party might make a claim.

Indemnity policies are used to cover a wide range of risks, with the most common policy tending to relate to a lack of Building Regulations or Planning Permission. This would cover the cost of any works required to be carried out should the Local Authority serve an enforcement requiring the owner to alter or remove any work that does not comply with Planning Permission or Building Regulations. An indemnity policy for lack of Building Regulations, Planning Permission and Covenant consent is effectively a piece of paper that replaces the Final Certificate from Building Control, Planning and the original developer for any works that have been done. A conveyancer should accept an indemnity policy when you come to sell the property and thus make it easier for you to sell in the future.

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Indemnity Policies can be complicated to understand which is why Harrison's Solicitors have written an article explaining Indemnity Policies. For more information, please visit www.harrisonssolicitors.com/indemnity-policies/