Legal Indemnities
25th November 2017
Have you ever been hampered or even stopped from securing a property deal? Property purchases, buying land or developments can sometimes encounter legal or planning issues that can affect future values, development potential and your ability to raise finance.
The Issues
A lack of access to the whole insurance market or a lack of technical know-how may hinder your ability to unlock the financial potential of an investment. Investors are increasingly aware of the pitfalls over property rights such as access and rights of way which can scupper development plans in a heartbeat.
The Solution
Potential planning and legal challenges can be varied and complex. There are a number of insurance solutions available that can protect owners and developers, as well as satisfying lender requirements.
Issues are usually identified by the solicitor during the conveyancing process or when refinancing or redevelopment is being arranged.
Cover is provided for the required indemnity limit from losses arising out of legal challenge and ensure a smooth transition. Cover is also provided in perpetuity.
EIG’s Role
As an independent real estate insurance broker we have full access to the specialist legal indemnity insurers. Reliance on your solicitor or advisor may result in limited options and therefore an inability to secure cover. This in turn could result in your investment plans being mothballed.
We have also recognised that for smaller transactions there is a need for a much faster turnaround for quotations with a need for more insurer options. We can provide multi-insurer quotations through a single portal for both residential and commercial property risks.
We are also able to assist you with the more complex risks via our team of specialist advisers.For a full list of all the solutions available please contact us.
