Home buyers, and lenders if the property is mortgaged, can now receive valuable protection against such risks as mortgage fraud, boundary disputes and other unforeseen risks associated with the purchase of a property.
Countrywide Legal Indemnities, based in Norwich, have recently announced the arrival of Secure Conveyancing Insurance Policy (SCIP). The policy will provide protection from a range of ‘unknown title issues’ which may only come to light once a transaction has completed, including fraud and forgery, seller misrepresentation, missing title information and also boundary disputes, some of which are difficult, if not impossible, for solicitors to discover.
Countrywide’s Underwriting Development Manager, Kevin Richardson, commented on how the policy had been specifically designed for the conveyancing market in the UK:
“Solicitors always carry out extensive investigations and we’ve no wish to change that. If they discover any specific defects these can be remedied, or covered by a legal indemnity policy in the usual way.
SCIP is simply a new option which offers additional protection, previously unavailable to home owners and lenders, against unknown or unforeseen conveyancing risks which aren’t currently covered under firms’ Professional Indemnity Insurance. Prices start at just over £100.00 (exclusive of IPT) and it can be purchased as a stand alone policy, or combined with a legal indemnity policy, if a title defect is identified”.
This policy could potentially save parts of a chain from collapse. Would you recommend your Client use one?
For more information regarding SCIP visit www.cli.co.uk.
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