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

gemma.zhang

There is one question: does the building in the last 25 years show any signs of any damage caused by structure movement subsidence...

It's said 'no'.

U could argue the sign was shown before 25 years.

gemma.zhang

Thunderbird wrote: »

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!

SuzieSue wrote: »

Gemma, why don't you just ask the people that you are buying from who they are insured with?

Don't think they disclosed it.

SuzieSue

gemma.zhang wrote: »

Don't think they disclosed it.

It doesn't matter, you can still ask them now. They probably didn't disclose it as they didn't want you contacting them before exchange.

gemma.zhang

Another question, in future, does it mean whenever they ask have u been refuse insurance, special terms imposed, policy cancelled, we need to disclose it as 'yes'?

What's implication on this?

josievg

gemma.zhang wrote: »

There is one question: does the building in the last 25 years show any signs of any damage caused by structure movement subsidence...

It's said 'no'.

U could argue the sign was shown before 25 years.

Hmm, that's not good is it. Like us, based on the information you have, there is no way for you to know whether the stuctural movement happened more than 25 years ago and it definitely hasn't moved since.

I've been thinking back on all the places I've lived (mainly rented) and most of them have been 100+ years old, all with cracks or other signs of movement. This must be a very widespread problem with all the old houses that exist throughout the UK. I reckon most people must just not mention the 'structural movement' which is what we did (unintentionally) when we first took the insurance.

I'm going to ask some of the other houses in the terrace tomorrow about their insurance but I suspect they will all have 'normal' insurance and won't have mentioned anything to do with structural movement to their insurers. I'm sure the houses in the street are all in a similar condition to mine though because we are all joined together.

SuzieSue

gemma.zhang wrote: »

Another question, in future, does it mean whenever they ask have u been refuse insurance, special terms imposed, policy cancelled, we need to disclose it as 'yes'?

What's implication on this?

It will mean that you will probably have to go to a specialist insurer and pay a higher premium.

Didn't your conveyancer advise you to get insurance quotes before you exchanged?

gemma.zhang

josievg wrote: »

Hmm, that's not good is it. Like us, based on the information you have, there is no way for you to know whether the stuctural movement happened more than 25 years ago and it definitely hasn't moved since.

I've been thinking back on all the places I've lived (mainly rented) and most of them have been 100+ years old, all with cracks or other signs of movement. This must be a very widespread problem with all the old houses that exist throughout the UK. I reckon most people must just not mention the 'structural movement' which is what we did (unintentionally) when we first took the insurance.

I'm going to ask some of the other houses in the terrace tomorrow about their insurance but I suspect they will all have 'normal' insurance and won't have mentioned anything to do with structural movement to their insurers. I'm sure the houses in the street are all in a similar condition to mine though because we are all joined together.

I totally agree!

caeler

Gemma - you don't know who currently insures the property?! Make this your priority to find out. It could save you alot of bother. Plus it is a really good suggestion several people have made in this thread.

phoebe1989seb

josievg wrote: »

Hmm, that's not good is it. Like us, based on the information you have, there is no way for you to know whether the stuctural movement happened more than 25 years ago and it definitely hasn't moved since.

I've been thinking back on all the places I've lived (mainly rented) and most of them have been 100+ years old, all with cracks or other signs of movement. This must be a very widespread problem with all the old houses that exist throughout the UK. I reckon most people must just not mention the 'structural movement' which is what we did (unintentionally) when we first took the insurance.

I'm going to ask some of the other houses in the terrace tomorrow about their insurance but I suspect they will all have 'normal' insurance and won't have mentioned anything to do with structural movement to their insurers. I'm sure the houses in the street are all in a similar condition to mine though because we are all joined together.

Exactly (and sorry about both yours and Gemma's issues btw) - we lived for 15+ years in Southsea (Portsmouth), Hampshire and were once told that virtually every house had suffered some damage - however minor - during the Second World War. When we lived in a grand old detached six-bed Victorian house close to the seafront the house next door was a later (1950s) build that replaced a similarly large Victorian house that was completely destroyed by a bomb. Our survey (full building type) never mentioned anything re: movement a all and although it was initially purchased in 1997 without a mortgage, we later took out a large mortgage and again nothing was ever said about historic movement/subsidence. Friends are currently selling a '20s house that has a few cracks (these have always been there and it was their parents' house for many years previously) and the surveyor did ask if the house had ever been underpinned, which it hadn't to their knowledge. Whether their buyer's lender will pick up on this will be interesting to discover.......

Good luck to you both and hope you find an insurer v.soon!

Gonzo33

If I am honest I am very surprised that you have exchanged without buildings insurance in place. I used to work as a mortgage underwriter many moons ago and not once have I seen a case exchange without it.

Anyway, it has happened. Best advice I can give you is to get yourself round to the house and ask the vendors which insurance company they use and calling them. You need to get cover ASAP as opposed to waiting until completion. Panicking about the situation is not going to help you either.