Remortgage and Buildings Insurance

CPS

Quick question(s) to anyone who has recently remortgaged or in the know.

Iv just been agreed for a very good 90% ltv mortgage. However in both my Letter of Offer from the Bank and Letter from Solicitor both advise that I should have adequate Buildings Insurance in place and that it should cover the cost of the mortgage?? (I checked my Buildings insurance and it is no-where near the cost of the mortgage (£105k) it is only the cost of rebuilding the property (£55k). Is it normal practice for my Buildings insurance cover the whole mortgage?

Also, I am getting free legals with this mortgage. Both the bank and the Solicitor have made it clear they are acting on behalf on the bank and I Should seek further legal advice (paid for by myself) to be sure I am happy with everything. Im content with the mortgage I am taking out so I should be OK just sticking with my free Solicitor or would you advise I also get independent advice?

Thanks

Conrad

The majoirty simply use the free legals and seek no further advice but of course to safeguard against future litigation they have to recommend you seek independant legal advice just as bags of nuts display the warning - 'warning this bag of nuts contains.......nuts'.

The buildings insurance usually need only cover the rebuilding cost.

CPS

Thanks Conrad, that is what I thought (hoped!). Just have to get on now with working out what the Solicitor is actually asking me to do in terms of Questionnaires etc.