Underpinned house insurance

helbo_2

We are buying an underpinned house. Just been told by my mortgage company they wont insure us as its less than 3 years ago the work was completed. We are meant to exchange tomorrow, but cant without the insurance.

We cant go to with the previous occupants insurance as they were repossessed and the insurance has stopped. The repo company have a group insurance so we cant go with them.

Any one with any advice of what we should do and where we can get this insurance as a matter of urgency???

Oscar_The_Grouch

You need a full structural survey to confirm that the subsidence is not a problem now, then you should be able to get cover. Try Lloyds TSB (and no, I don't work for them or any company they use). They have a panel of insurers who may be able to give you cover without subsidence insurance immediately and add the subsidence cover once you have the structural survey.

helbo_2

Thankyou for your reply. I'll give them a call. Only trouble is we are in a little bit of a dilema, because until we exchange we dont want to spend out a fortune on the property as we keep getting messed around by the repo company. If we pay for this report we are at risk of not getting the house and being at a loss of 1k by having this report done. We are in a no win situation I think!

I will definately give them a call and I really appreciate your advice!

minimike2

Generally you do need the engineers report, but I have managed to get cover without one for someone with historic subsidence underwritten with Norwich Union. It might be worth trying. They will look at it differently with it being recent, but its worth a phone call....

Other companies I would use WITH a report are Bank of Scotland and Heath Lambert.

Oscar_The_Grouch

Thanks for the additional information minimike. I was not aware that those 2 companies would accept previous subsidence so will add them to the list when I make suggestions in future.

minimike2

Nps....Bank of Scotland (it ended up being Halifax branded) didnt even load the premium on the one I did with them either!

m00

Did you manage to get cover sorted in the end? We're having issues trying to get a house insured at the minute.