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4. The results of the search included in the search report required by regulation 8(k) (local enquiries) may fail to answer the enquiries set out in Part 2 of Schedule 7, in the following circumstances—
(a)the first point of marketing falls before 1st April 2008 (except where a further first point of marketing arises under regulation 3(4) or Part 5);
(b)a record from which the answer or result could be deduced is held by a local authority;
(c)that local authority has a policy of not allowing other persons to inspect such records;
(d)a local authority is not requested to provide the search report;
(e)any enquiries not answered are the subject of a contract of insurance against the liabilities that if they had been answered, they would have affected—
(i)an actual buyer’s decision to buy the property; or
(ii)the price an actual or potential buyer would be prepared to pay for it,
and result in financial loss;
(f)such a contract of insurance is effected by, and to be carried out by persons so authorised for the purposes of the Financial Services and Markets Act 2000;
(g)any liability for financial loss arising under paragraph (e) will be met by financial compensation to be paid by a person (other than the persons described in paragraph 6(a)(i) to (iii)) who is—
(i)a party to the contract of insurance; or
(ii)another person involved in the sale of the property; and
(h)such financial compensation is paid by a person mentioned in sub-paragraph (f) if any person mentioned in sub-paragraph (g) fails to pay it (or no longer exists and has no successor); and
(i)the search report—
(i)contains a description of the terms and effect of the insurance described in this paragraph; and
(ii)identifies which enquiries have not been answered and in respect of which the insurance has been obtained.
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