urgent help needed!!! exchanged contract - can't get building insurance!!!

gemma.zhang

Hi All,


We have a big big trouble, just found out today after exchange!:mad:

Urgent urgent advice needed! We are due to complete in 9 days' time.

We've exchanged contract today already, and was meant to get building insurance today also. After talking to a few providers, and was told, due to subsidence 'risk' mentioned on the survey(below), we can't get the building insurance covered :eek:. What could we do.. I feel sick to my stomach.... one insurance company mentioned we would need to get a structure report in order to have it covered.

'The usbject property has suffered some limited structure movement to the front 2 storey bay and adjacent party wall. My inspection internally and externally indicates that the movement which has taken place is all largely of a long standing nature. No recent or progressive movement could be observed. Future significant movement is considered unlikely.'

Anyone know what we could do to get building insurance on the property?.. we are in deep trouble, shouldn't have exchanged, it's too late to regret now.

Any help advice needed!

PasturesNew

Find out who the current owners are insured with - they should take you on with that place. Go knock on their door tonight and ask them.

gemma.zhang

hm.. i am kinda of sure they didn't discloure this to the insurance company.

they have beeen paying for years.. after all this house is old property of over 100 yrs.

Please, i feel sick to my stomach.. any advice ?

julieb1987

Go and see an insurance broker. They'll be able to advise and should know the companies most likely to insure. Good luck!

Fire_Fox

As PasturesNew said "Find out who the current owners are insured with - they should take you on with that place. Go knock on their door tonight and ask them."

thelem

First of all - calm down! You got some good advice three minutes after you posted. You might not be in a great situation, but panicing won't help.

What does your conveyancer advise? You're paying them, and they know the full situation and should be able to give you much better advise than you'll get on a web forum.

You say you've had a survey done - do you mean home buyer's report? It's important to use the correct terminology, as what might seem like subtle differences can make a major difference. If you've found an insurance company who would be happy so long as you've had a full structural survey done then look in to getting one done. You might be able to get a discount by going back to the same surveyor, or saying that you're only interested in subsidence (obviously make sure they surveyor understands what the insurance company need to know).

Is it freehold or leasehold? If it's leasehold, then check the details of the lease/maintenance fees, as buildings insurance may be included in that - the vendor should be able to advise.

redapple1

So even though the report says unlikely they won't insure?

jfdi

We bought a house that had had subsidence (& had had it fixed). We just insured with the same company, as everyone above has said, & there was no problem.

Stop worrying!

gemma.zhang

jfdi wrote: »

We bought a house that had had subsidence (& had had it fixed). We just insured with the same company, as everyone above has said, & there was no problem.

Stop worrying!

I guess because it's fixed, there is no problem.

I am sick to my stomach now.

my question is:
Do we have to have building insurance covered before completion?

gemma.zhang

thelem wrote: »

First of all - calm down! You got some good advice three minutes after you posted. You might not be in a great situation, but panicing won't help.

What does your conveyancer advise? You're paying them, and they know the full situation and should be able to give you much better advise than you'll get on a web forum.

You say you've had a survey done - do you mean home buyer's report? It's important to use the correct terminology, as what might seem like subtle differences can make a major difference. If you've found an insurance company who would be happy so long as you've had a full structural survey done then look in to getting one done. You might be able to get a discount by going back to the same surveyor, or saying that you're only interested in subsidence (obviously make sure they surveyor understands what the insurance company need to know).

Is it freehold or leasehold? If it's leasehold, then check the details of the lease/maintenance fees, as buildings insurance may be included in that - the vendor should be able to advise.

Thanks..
we have homebuyer report one, and it mentioned very loosely on the subsidence, from what we see, it's jsut a crack. and therefore didn't occure us to have such a big headache with insurance.

Anyone knows if the building insurance is absolutely compulsury for the completion?.. as I am worried about the timeline to have the structure survey and before completion which is in 9 days' time.

also, could we just get a normal insurance (without disclosing this ) before the completion, and get the correctly one after completion?

Thunderbird_2

Hi

I have in similar situation as you before. I went with the sellers insurer, who charged me through nose. The following year, I used money supermarket to compare. Most main stream lenders were not interested. However, money supermarket suggested a specialist insurer, Home Protect, who charged half what my previous insurer wanted.

Be warned that you may have to pay around £50 a month!