27 March 2020
Last updated at 10:41
News
Pragmatic solutions to enable transactions - Search Delay insurance available from Monday 30th March
As part of our Business Continuity planning and supporting you to keep the housing market moving, we have worked with our Insurance partners to provide certainty and manage risk as far as possible should any delays with searches occur.
Local and Drainage Searches are the search types most vulnerable to delay, with the data required held in over 300 Local Authorities nationally, all with different processes, procedures and resources. We know that these resources are affected by the current situation and have already seen many councils beginning to cut back functions as a result.
A Pragmatic Solution
We have worked with our Insurance partners to provide the option of a Search Delay Insurance Policy, so you, your client and any lender can have the comfort that should there be a delay you are able to exchange and complete on transactions, with the reassurance that should anything adverse be revealed by the search, they will be protected from loss. (subject to the Policy Terms).
You can download the Residential Sample Policy here and the Commercial Sample Policy here.
When you place your order for searches, you can simply add the policy to the order. If ordering a policy as a standalone product, you can do so in the normal conveyancing search ordering workflow under the Insurance Subcategory, in the same way that you access Chancel Insurance currently. The policy will be available to order from Monday 30th March in your PSG ordering account, where you will also find the policy price for other limits of indemnity including those for commercial properties.
With thanks,
The team at PSG
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