With the end of SDLT holiday approaching more leaders are accepting Search Insurance

The fast approaching end of the SDLT holiday in March means that residential property lawyers are under even more pressure to complete purchases quickly.

They will be pleased to hear that major lenders Skipton Building Society and NatWest will now accept Search Insurance in place of Local Authority Searches. NatWest will temporarily accept Search Insurance for new purchases and Skipton will accept it where the results of the Local Search are “significantly delayed”.

Mark Davies, Stewart Title’s Director of UK Underwriting said, “Everyone involved in residential conveyancing have become aware of the growing number of Local Authorities that are advising of delays in providing information. These lenders are joining the many other major lenders such as Barclays and Halifax in recognising the role Search Insurance can play in allowing purchases to complete in a timely and safe manner.”

Keiron Northcott Commercial Director at Northcott Beaton Insurance Brokers said ‘Search companies may be able to offer a faster turnaround of Searches via their Regulated Searches or even provide a certain amount of data backed by Insurance’.

With premiums starting at £16.80, Stewart Title’s No Search Policies can be purchased quickly via Northcott Beaton Insurance or by email to info@northcottbeaton.co.uk

In addition “Where a Local Authority search has been submitted and the results have not been received in time, then our Search Delay Policies can offer protection to lenders and buyers,” concludes Davies, this is also available via Northcott Beaton