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Default Building control, what's the point?

Bought a premises recently, sat in the solicitors 5 months in, turns out
there's no building control sign off on work that has been done but it's
'OK' because they've arranged an indemnity policy in case it becomes a
problem.

The seller has paid for this insurance and it's worked out much cheaper
than getting building control involved.

I can see that it could be worth getting the sign off in case it had an
effect when negotiating the purchase price but what is confusing me is
that i'd have thought that if building control sign off was needed, then
that was the top and bottom of it?

 
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