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15. SEARCHES
15.1 Does the Bank accept search insurance and, if yes, what are the Bank's specific requirements?
Purchases
You must commission full searches including local search, LLC1, environmental, drainage and water, highways, flood, chancel and any others flagged by the search provider due to the location of the property (e.g., Crossrail, HS2, Mining, etc.). These searches should be no more than 6 months old on completion other than the local search and LLC1 which should be no more than 3 months old on completion.
Search validation insurance will be accepted, if the previous searches were satisfactory and are not more than 3 months beyond the dates specified above for purchases. The indemnity insurance will need to be sent to the Bank's solicitors for approval. Please note the insurance conditions contained below, under the heading Search Insurance Criteria.
No search insurance is NOT acceptable for purchases.
Refinance/Release of Equity
Search validation insurance is acceptable, if the previous searches were satisfactory and they are no more than 12 months old or, in the case of the local land charges search 9 months old, on completion, subject to the policy meeting the insurance conditions contained below, under the heading Search Insurance Criteria.
No search insurance is acceptable subject to the policy meeting the insurance conditions contained below, under the heading Search Insurance Criteria.
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Search Insurance Criteria
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Where search insurance is acceptable to the Bank as per above, the following conditions must be met:
i. the Bank's contribution is less than £1 million for refinances.
ii. the Property value is less than £500k for purchases.
iii. the Bank is a beneficiary of this indemnity insurance until the bank’s charge is settled;
iv. the Client's Solicitor and the Bank’s Solicitor are satisfied that the Bank's interests are adequately safeguarded (at Client's risk);
v. the insurance covers all usual searches that would be undertaken (local, land charges, drainage, chancel, environmental, highways, etc.);
vi. the insurance provider is authorised by the PRA/FCA to provide such insurance;
vii. the sum insured under the policy is an amount that is at least equal to the open market value of the property;
viii. the Client’s Solicitor certifies that the title is good and marketable and provides a clear and unqualified Certificate of Title without any disclosures (save with respect to the searches covered by the policy); and
ix. all indemnity insurance will need to be sent to the Bank's solicitors for approval.
15.2 Does the Bank accept personal searches?
Yes, the Bank will accept personal searches. The search provider must have appropriate professional indemnity insurance in place to cover the value of the property.
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