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Buying a flat - No provision for insurance
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katy123
Posts: 365 Forumite
Hi
My rather useless solicitor just confirmed the following and basically don't want to briefly outline what this exactly means:
"there is no provision in the lease for the insurance proceeds to be split between the landlord and the tenant according to their respective shares in a case where destruction has taken place and rebuilding the same will not be possible. I asked the sellers solicitors for an indemnity policy for defective lease which would offer you protection in such circumstances arising but the sellers solicitors will not agree to provide us with such policy."
I guess, landlord means freeholder and tenant meaning me the buyer.
Does anyone know what this means in practice?
1. Is it common for flats not to have this provision?
2. Do we proceed
3. What exactly does it mean?
Thanks
My rather useless solicitor just confirmed the following and basically don't want to briefly outline what this exactly means:
"there is no provision in the lease for the insurance proceeds to be split between the landlord and the tenant according to their respective shares in a case where destruction has taken place and rebuilding the same will not be possible. I asked the sellers solicitors for an indemnity policy for defective lease which would offer you protection in such circumstances arising but the sellers solicitors will not agree to provide us with such policy."
I guess, landlord means freeholder and tenant meaning me the buyer.
Does anyone know what this means in practice?
1. Is it common for flats not to have this provision?
2. Do we proceed
3. What exactly does it mean?
Thanks
0
Comments
-
1. I suspect yes
2. if you wish
3.
a) the building burns down
b) it cannot be re-built (for some reason, eg it was under-insured)
c) the insurer pays out the sum insured
d) there is no written formula for how much each leaseholder + freeholder receives of that pay-out
e) so there is a bun-fight as each claims more than the other.0
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