Foundation Home Loans will now accept no-search indemnity insurance in an effort to speed up transaction completions.

It will accept the insurance for purchase and remortgages except in the cases of homes in multiple occupation and multi-unit block properties.

Foundation says that solicitors can place the policy on risk at completion in lieu of local authority and or other searches.

The lender explains that there is currently “very high” demand for LA searches and that both staffing issues at LAs and the upcoming stamp duty holiday deadline has increased the waiting time for search results.

It adds that it will also accept search expiry insurance during the Covid-19 period and in relation to purchase transactions where these searches have reached their six-month maturity.

Foundation Home Loans commercial director George Gee says: “While we can’t guarantee that all existing cases will complete before the end of March next year, what we can do is simplify our processes, redeploy some resources and communicate our requirements effectively, in order to give each case the very best chance of beating the deadline.

“Our decision to accept search indemnity insurance is part of this approach and designed to ensure borrowers are not negatively impacted by Local Authority search timescales.

“In order to get new cases in front of our underwriters quickly, we are also urging advisers to ensure full documentation is provided and the necessary product and valuation fees are paid upfront.”