Is this a difficult one?

Legacy_user

This is a slight duplication of a post in the "over 60's" but neccessary I feel.

Our daughter and her husband are in the final stages of buying a property and as such require building insurance.

My wife and I will be living in the property and as such, envisaged continuing with Saga (as we qualify).

They, (daughter/husband) wondered if we all should be looking at using an insurance company to combine both contents & building as it might prove cheaper. I am an oap, my wife reg.disabled and they are serving members of HM Armed Forces and may be eligible for Forces discount.

I'd appreciate any comment for/against and recommendations please.

and finally, am I alone in being frustrated that it is I and I alone that has to decide the value of contents for the purposes of valuation?.

Fire_Fox

I believe your daughter will have to take out a buildings insurance policy and you will have to take out contents insurance, you can't insure each others property. Once you get passed a certain point it doesn't cost much more to insure a small amount of possessions as a larger amount, it's accidental damage cover and cover outside the home that really bumps up premiums. If you do an online quote you can amend the amount of cover you require and see this, tend towards a large overestimation especially if you are getting new for old. Don't forget to use Quidco or Topcashback when taking out insurance, and indeed when signing up for a new telecoms package etc.

Are you paying any 'rent' for living in this new property? If so your daughter will be classed as a landlord with all the responsibilities this brings - gas safety certificates and so forth. I am not really sure what landlord's insurance covers, but this *may* be required. Others will advise better than I can.

clutton_2

residential mortgages usually assume that the mortgagee will be resident... i think your family need to discuss this with the mortgagor, as you may be seen as tenants, and the interest rates for Buy to Let mortgages are usually higher than for an ordinary domestic mortgage


The mortgagor will insist on seeing a buildings insurance policy - but will have no interest in the contents cover

""and finally, am I alone in being frustrated that it is I and I alone that has to decide the value of contents for the purposes of valuation?."" - yes

i think that you TOGs should have a tenancy agreement in place for your protection though - families do sometimes fall out - and if you have a tenancy agreement you will have legal rights, and some few months to move out if there is ever an issue about your having to move on....

System

Fire_Fox wrote: »

I believe your daughter will have to take out a buildings insurance policy and you will have to take out contents insurance, you can't insure each others property. We have spoken this morning and they seem to accept this.

Once you get passed a certain point it doesn't cost much more to insure a small amount of possessions as a larger amount, it's accidental damage cover and cover outside the home that really bumps up premiums. If you do an online quote you can amend the amount of cover you require and see this, tend towards a large overestimation especially if you are getting new for old. Don't forget to use Quidco or Topcashback although Martin is always talking about this, I've never understood or followed it through. when taking out insurance, and indeed when signing up for a new telecoms package etc.

Are you paying any 'rent' for living in this new property? .yes........ If so your daughter will be classed as a landlord with all the responsibilities this brings - gas safety certificates and so forth. I am not really sure what landlord's insurance covers, but this *may* be required. Others will advise better than I can.

Hopefully I will have answered this.

System

clutton wrote: »

residential mortgages usually assume that the mortgagee will be resident... i think your family need to discuss this with the mortgagor, as you may be seen as tenants, and the interest rates for Buy to Let mortgages are usually higher than for an ordinary domestic mortgage Yes this is so, but military are now exempt from this ruling as of recent legislation.


The mortgagor will insist on seeing a buildings insurance policy - but will have no interest in the contents cover

""and finally, am I alone in being frustrated that it is I and I alone that has to decide the value of contents for the purposes of valuation?."" - yes

i think that you TOGs should have a tenancy agreement in place for your protection though - families do sometimes fall out - all of us are aware that we will be ensuring protection by producing a solicitor approved document to safeguard us in case etc

and if you have a tenancy agreement you will have legal rights, and some few months to move out if there is ever an issue about your having to move on....

......................

Fire_Fox

Your daughter needs to do some serious research into the rights and responsibilities of being a landlord, I am sure you can organise what needs to be done between yourselves but you really must do things by the book. She also needs to register with the inland revenue to pay income tax, tho she may make a paper loss as many costs can be offset.

Quidco or Topcashback: The basic principle is that the cashback site 'introduces' you to the utilities/ insurance/ telecoms site. This needs to be a new introduction, so you clear cookies to ensure the site has no record of your previous visits. When you click the link within the cashback site the utilities/ insurance/ telecoms site will send a cookie to the cashback site thanking them for the introduction. Later the site will pay commission, the money is then passed onto you the customer.

How to: join the site. Do your homework as normal on what is the best deal for switching utilties/ insurance/ telecoms. Check on the cashback sites if there is any kickback to be had. Clear all cookies then log into cashback site. Click the link to the company you are interested in and you will be taken to the site. The site will look the same as normal and you complete transaction as normal. A few days later you can login to the cashback site and you should find the transaction is recorded ('tracked'), a couple of months later you will be able to claim your free money!

Mistakes: not clearing cookies. Using back button on browser or manually typing in the URL. Not completing transaction in one session/ leaving items in your basket. Forgetting to click the link embedded in the cashback site, going directly to the website of interest via a bookmark.

Does that make any more sense? If you don't know how to clear cookies, download CCleaner from the FileHippo website - this is an ace little programme that clears cookies, clears history and temporary internet files and generally tidies up your computer. Free and works in seconds. You will also have to enable pop-ups for the cashback site to work.