![]() ![]() Although the document is missing, all this simply means is that a copy has not been registered at the Land Registry. A conveyance is a legal document and restrictive covenants are promises to do or not to do something. If your solicitor has told you that you need an indemnity policy because there is a missing Conveyance from 1952 which contains unknown restrictive covenants, do you really need to pay for the policy? The short answer is yes. Sometimes legal documents go missing, they shouldn’t, but they do. ![]() They are obtained for a one off fee, and can cost anything from £15 up into the hundreds but when do they actually pay out? This depends on what the policy was taken for and is better discussed within different contexts. Indemnity policies can be used for missing legal documents, they can be used for breaches of restrictive covenants (promises that run with the land) and they can be used for a lack of planning and building documents amongst many other things. The term fix, is used in its loosest form here. Well look no further, as today’s post is aimed at providing you with a brief overview on what indemnity policies are, when they should be used, and who should pay for them – without all the legal jargon.Īn indemnity policy is a form of insurance that can be used to “fix” legal issues when selling a property. And now, you find yourself at the mercy of the internet, fervently looking through page after page for some clarity. However, sometimes explanations are lost in translation and/or can become overly confusing within the context of the whole transaction. If you are in the midst of buying or selling a property and have been told you need an indemnity policy, then your legal advisor should have explained what one is and why it is necessary. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |