Indemnity Insurances Against Future Problems

[charliegolf]

HI All, the daughter is thinking about a house purchase, but has a worry about cavity wall insulation. The worry is that, since the vendors are an old dead person's kids, who say, "Dunno" to any question about the house, they may buy a load of CWI problems. The vendors are unlikely to agree to any invasive tests/checks.

Can my daughter get indemnified/insured for remediation if a problem emerges? Or, if bought in good faith, would home insurance cover it later?

Any obvious checks they can do in advance?

Vague, I know, but thatks in advance.

 

[big-all]

as far as i know you can not insure against fair ware and tare or not complying with any regulations its fully sold as seen
indemnity insurance as far as i know its to do with planning discrepancies not know about on both sides but no expert

 

[freddiemercurystwin]

Think you're better off finding out if the outfit that fitted it are registered with the Cavity Insulation Guarantee Agency or similar, that will (or should) provide a proper insurance backed guarantee.

 

[Old Salt]

Instruct a surveyor who can make a comprehensive report on the condition of the property. If the vendors don't allow it walk away.

Make an offer based on the value of the property less an allowance for any potential remediation work that may be required.

I bought a property from bereaved family but they still managed to find the wood treatment certificate, double glazing etc.

If they keep up with the “dunno” line make sure the offer takes into account all of the potential costs.

 

[Loofah]

If you're specific about what you want to be insured against then you might find an outfit to provide insurance but a general 'i don't want any risk when I buy my house ' isn't going to fly.
Probably cost someone a few hundred quid

 

[ETAF]

do you know when the wall was done -
maybe difficult for the family to know , we sold my uncles house , as he had no will , and my partner was setup as administrator , very little was known about the property and just went through all the documentation available , but did not really have many answers - plus he lived in Devon and we were a busy working couple in Surrey.

Local solicitors and estate agents instructed

I assume they maybe other issues, if all your get is "Dont Know" , Electrics, windows fensa , boundary issues , etc etc
which as i say we had to answer , and they just paid a full survery , including structural.

 

[jeds]

I think I might work out what I would be prepared to pay for the property, and work out a cost to remediate CWI, and then deduct one from the other and offer them that, take it or leave it. Or, as fmt suggested, they provide details of the CWI installer?

 

[johnny2007]

Inheritance properties usually can be bought with a good discount and a bit of acting.
I saw a friend in action who basically secured a £400k property for £300k at first viewing.
The 2 sisters of pensionable age almost collapsed when he told them he was buying cash.
All they wanted was quick money, and the mother had not been buried yet.
He didn't have the cash and not even a mortgage approval in principle.
He did all of that after instructing the solicitors.
He borrowed more money on his existing mortgage, borrowed from his parents a chunk and got a buy to let mortgage on the last bit.
It dragged on for months.
The 2 sisters weren't pleased, but eventually they got their money.