How to protect yourself against land and property fraud
To reduce the risk of becoming a victim, it is important to ensure that you register your land and property with HM Land Registry.Read more
A defect could be anything from a restriction placed on the title which has been ignored or the lack of building regulation approval for an extension or structural alteration to the property.
The quickest and cheapest way to provide protection to a buyer for a defect is to give legal indemnity insurance.
Legal indemnity insurance will protect the buyer against any action taken by a third party if and when that third party realises that they may have a claim against the owner of the property.
A one-off premium is paid. The level of the premium is dictated by the amount to be insured and risk the insurance company judge to be taking. Most premiums fall between £150.00 to £250.00.
The premium is usually paid by the seller of the property.
For more information about the importance of legal indemnity insurance, please contact us on 01332 226 119 or complete the form below.
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