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Hello, we are purchasing land and the following indemnities / covenants have been put in for the current land owner. What are the risks here and should anything be added to support us as well the potential new owners?
12.5 INDEMNITY COVENANT
The Transferee covenants with the Transferor by way of indemnity only that from the date of this Transfer:
12.5.1 the Transferee shall indemnify and keep the Transferor (and any successors in title to the liabilities of the Transferor) indemnified in respect of all and any actions, judgements, penalties, damages, losses, costs, claims, expenses, liabilities and demands wholly or partly arising from or consequent upon the condition of the Property;
12.5.2 the Transferee and its successors in title shall perform and observe the covenants, conditions and restrictions contained, mentioned or referred to in the Title Number so far as they affect the Property and are still subsisting and capable of being enforced; and
12.5.3 the Transferee and its successors in title shall indemnify and keep the Transferor fully indemnified against all actions, proceedings, claims, demands, losses, costs, expenses, damages and liabilities whatsoever arising from the breach, non observance or non-performance of the covenants, conditions and restrictions referred to in this clause 12.5.2.
12.6 AGREEMENTS AND DECLARATIONS
The Property does not have, and shall not enjoy, any easements or rights over the Retained Land, other than those which are expressly set out in this transfer and neither section 62 of the Law of Property Act 1925 nor the rule in Wheeldon –v- Burrows shall apply.
Thanks for your support/advice
12.5 INDEMNITY COVENANT
The Transferee covenants with the Transferor by way of indemnity only that from the date of this Transfer:
12.5.1 the Transferee shall indemnify and keep the Transferor (and any successors in title to the liabilities of the Transferor) indemnified in respect of all and any actions, judgements, penalties, damages, losses, costs, claims, expenses, liabilities and demands wholly or partly arising from or consequent upon the condition of the Property;
12.5.2 the Transferee and its successors in title shall perform and observe the covenants, conditions and restrictions contained, mentioned or referred to in the Title Number so far as they affect the Property and are still subsisting and capable of being enforced; and
12.5.3 the Transferee and its successors in title shall indemnify and keep the Transferor fully indemnified against all actions, proceedings, claims, demands, losses, costs, expenses, damages and liabilities whatsoever arising from the breach, non observance or non-performance of the covenants, conditions and restrictions referred to in this clause 12.5.2.
12.6 AGREEMENTS AND DECLARATIONS
The Property does not have, and shall not enjoy, any easements or rights over the Retained Land, other than those which are expressly set out in this transfer and neither section 62 of the Law of Property Act 1925 nor the rule in Wheeldon –v- Burrows shall apply.
Thanks for your support/advice
