We look at some of the most common questions posed to our underwriters.
A: Yes. Our policy is imaginatively titled the 'No Search purchase – new build indemnity', and is designed to assist in the first sale of a newly-built property from a developer, where the parties are looking to complete quickly.
It covers the purchaser (and lender, where applicable) when they decide that, rather than carry out fresh searches, they rely on the fact that nothing affecting the property has been declared in pre-contract enquiries with the developer, nor has arisen since the developer's original searches.
Q: For Judicial Review risks, do you discount the premium if the policy is taken out within the 3 month 14 day claim period?
A: Yes we do – and significantly. When the policy cover commences at least 4 weeks after planning consent has been granted, and obviously provided there has been no judicial review application submitted by any third parties, we can reduce the premium by approximately 40%.
If you have any questions that you'd like to pose to our experts, please drop us a line via firstname.lastname@example.org.