solicitor has not asked for insurance copy yet?

gcpa

We are completing this friday and exchanged last tuesday, but till now our solicitor has not asked for our building and contents insurance copy. My question is do they not have to send the mortgage provider a copy for fund release?

Do I call my solicitor and take a copy to her or is this normal that the bank might not need any info...

Gwhiz

I've never been asked for this as long as I can remember.

G_M

Most lenders insist on seeing it. Either ring your solicitor and ask, or just copy the insurance certificate and send to him.

Are you sure the lender is not arranging insurance (at your expense!!). You may have ticked a box on the mortgage application!

gcpa

G_M wrote: »

Most lenders insist on seeing it. Either ring your solicitor and ask, or just copy the insurance certificate and send to him.

Are you sure the lender is not arranging insurance (at your expense!!). You may have ticked a box on the mortgage application!

I have not ticked insurance box on my mortgage application. I will call the solicitor now and ask myself. Thanks for the advice.

Richard_Webster

Most lenders insist on seeing it. Either ring your solicitor and ask, or just copy the insurance certificate and send to him.

A few lenders might want to see it, but most of them say that the solicitor mustn't use the advance money unless he has checked the insurance details, but they don't actually want to see it.

**curlywurly**

Whatever happens, it's worth checking with your lender. I definitely didn't want insurance but was given it anyway. It wasn't until I got my first mortgage statement a year later that I realised I had been given it anyway! (At more than double the cost of what I paid to direct line)

Jackinbox99

Mine also forgot to ask me for a copy of it, so anxious not to cause any last minute problems I emailed them a copy and they were pleased I did as they had forgotten to ask me for it!

timmyt

gcpa wrote: »

We are completing this friday and exchanged last tuesday, but till now our solicitor has not asked for our building and contents insurance copy. My question is do they not have to send the mortgage provider a copy for fund release?

Do I call my solicitor and take a copy to her or is this normal that the bank might not need any info...

It is not for the lender, as lenders don't want to see it in general (can't think of one that does) but it is the duty of your solicitor to ensure you have buildings insurance in place certianly by completion. In reality, if you fail to it is your loss, as you know you need a comprehensive policy in place - your mortgage offer will say so.

Most policies are lender friendly - unless you go too cheap.

Lenders require - see http://www.cml.org.uk/cml/handbook/england Part 1 (see Part 2 for the referred to items):

6.13 Insurance
[FONT=Arial,Arial][FONT=Arial,Arial]6.13 Where we do not arrange the insurance, you must: [/FONT]

[FONT=Arial,Arial]6.13.1 report to us (see [/FONT]
[/FONT]

part 2[FONT=Arial,Arial][FONT=Arial,Arial]) if the property is not insured in accordance with our requirements (one of our requirements, see [/FONT][/FONT]part 2[FONT=Arial,Arial][FONT=Arial,Arial], will relate to whether the property is insured in the joint names of us and the borrower or whether our interest may be noted); [/FONT][/FONT][FONT=Arial,Arial]

[FONT=Arial,Arial]6.13.2 arrange that the insurance cover starts from no later than completion; [/FONT]
[FONT=Arial,Arial]6.13.3 check that the amount of buildings insurance cover is at least the amount referred to in the mortgage offer. If the property is part of a larger building and there is a common insurance policy, the total sum insured for the building must be not less than the total number of flats multiplied by the amount set out in the mortgage offer for the property – check [/FONT]

[/FONT]

part 2 [FONT=Arial,Arial][FONT=Arial,Arial]for our requirements on this; [/FONT][/FONT][FONT=Arial,Arial]

[FONT=Arial,Arial]6.13.4 ensure that the buildings insurance cover is index linked; [/FONT]
[FONT=Arial,Arial]6.13.5 ensure that the excess does not exceed the amount set out in [/FONT]

[/FONT]

part 2[FONT=Arial,Arial][FONT=Arial,Arial]; [/FONT][/FONT][FONT=Arial,Arial]

[FONT=Arial,Arial]6.13.6 Check [/FONT]

[/FONT]

part 2 [FONT=Arial,Arial][FONT=Arial,Arial]to see if we require you to confirm that all the following risks are covered in the insurance policy: [/FONT][/FONT][FONT=Arial,Arial]

[FONT=Arial,Arial]6.13.6.1 fire; [/FONT]
[FONT=Arial,Arial]6.13.6.2 lightning; [/FONT]
[FONT=Arial,Arial]6.13.6.3 aircraft; [/FONT]
[FONT=Arial,Arial]6.13.6.4 explosion; [/FONT]
[FONT=Arial,Arial]6.13.6.5 earthquake [/FONT]
[FONT=Arial,Arial]6.13.6.6 storm; [/FONT]
[FONT=Arial,Arial]6.13.6.7 flood; [/FONT]
[FONT=Arial,Arial]6.13.6.8 escape of water or oil; [/FONT]
[FONT=Arial,Arial]6.13.6.9 riot; [/FONT]
[FONT=Arial,Arial]6.13.6.10 malicious damage; [/FONT]
[FONT=Arial,Arial]6.13.6.11 theft or attempted theft; [/FONT]
[FONT=Arial,Arial]6.13.6.12 falling trees and branches and aerials; [/FONT]
[FONT=Arial,Arial]6.13.6.13 subsidence; [/FONT]
[FONT=Arial,Arial]6.13.6.14 heave; [/FONT]
[FONT=Arial,Arial]6.13.6.15 landslip; [/FONT]
[FONT=Arial,Arial]6.13.6.16 collision; [/FONT]
[FONT=Arial,Arial]6.13.6.17 accidental damage to underground services; [/FONT]
[FONT=Arial,Arial]6.13.6.18 professional fees, demolition and site clearance costs; and [/FONT]

[FONT=Arial,Arial]6.13.6.19 public liability to anyone else [/FONT]

[FONT=Arial,Arial]6.13.7 Check

[FONT=Arial,Arial][FONT=Arial,Arial]part 2 [/FONT][/FONT]to see if we require you to obtain before completion the insurer’s confirmation that the insurer will notify us if the policy is not renewed or is cancelled or if you do not obtain this, report to us (see [FONT=Arial,Arial][FONT=Arial,Arial]part 2[/FONT][/FONT]).
6.13.8 Check [FONT=Arial,Arial][FONT=Arial,Arial]part 2 [/FONT][/FONT]to see if we require you to send us a copy of the buildings insurance policy and the last premium receipt to us.
[/FONT][/FONT]

Yorkie1

I wasn't required to show mine to either the lender or my solicitor at any point.