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

jazabelle

I believe when the OP is saying she doesn't think the vendors disclosed, she means they didn't disclose the subsidence to the insurance company, not her.

I'm not sure how she knows this, but she's said that twice now.

SuzieSue

jazabelle wrote: »

I believe when the OP is saying she doesn't think the vendors disclosed, she means they didn't disclose the subsidence to the insurance company, not her.

I'm not sure how she knows this, but she's said that twice now.

Thanks for that, yes, reading back I can see that you are correct.

But she doesn't know for sure, so it is still worth trying.

6am

We have been in the similar situation when we tried to buy the house and were unable to find an insurance due to small flooding caused by a freak accident in the neighbours house. In the end we did not buy it but the experience made me think that maybe it is a good idea for only one person to read the homebuyer report. As long as the second person did not read the report he/she can honestly say on the insurance application that he/she is unaware of any problems with the house. There is no obligation to obtain this knowledge after all.

gemma.zhang

Agree, the more you know, the worse it gets.. and there is a very blurred line anyway.. depends on the wording it's put in the survey report.

We were asked to find out the exact years the long standing movement occured.. Honestly, there's no way to find out. It's only said 'long standing'.. We're now calling the surveyor to see what he said. We could just said 50 yrs, as there would be no way to find out one or another! as there is no specific event happened causing it.

gemma.zhang

SuzieSue wrote: »

Thanks for that, yes, reading back I can see that you are correct.

But she doesn't know for sure, so it is still worth trying.

thanks Suzi! We are asking EA to get current owner's insurance detail, will just inherit it and change with the detail afterwards.

Asked surveyor, givig is 'long standing' no way anyone can know the time it happened. No matter what report you r doing...

Josiveg, any news from your side. Sorry to get you into this. I blamed my husband, he was the one noticing it.. I wouldn't even read that much detail!

pinkteapot

gemma.zhang wrote: »

Please anyone could suggest a insurer willing cover without the need to do structure report ? I don't mind paying a bit extra to ensure the completion is on time.

Just to pick up on this comment, if you have exchanged contracts then you cannot delay completion.

I know you're panicking but you've been given two sound pieces of advice on this thread:

1. Phone the current insurer and see if they'll insure you (unless you're too worried about dropping the current owner in it)

2. Phone a couple of local insurance brokers (not insurance companies) who will be used to dealing with non-standard risks and will be able to find you an insurer (for a price)

lfc321

pinkteapot wrote: »

Just to pick up on this comment, if you have exchanged contracts then you cannot delay completion.

Well you can - just it'll cost you money...

chappers

pinkteapot wrote: »

2. Phone a couple of local insurance brokers (not insurance companies) who will be used to dealing with non-standard risks and will be able to find you an insurer (for a price)

Absolutely, stop messing around on here.
Get on to a broker and explain the situation and if he can't help get on to another. Brokers will have specialist insurers that WILL be able to help you , the premium may be high but it will get you completed. you can then at your leisure get in a SE get areport and then find yourself a policy at a cheaper price.

Lavendyr

Gonzo33 wrote: »

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.

That seems odd as our buildings insurer would not insure the property we were buying until we had exchanged...and likewise we were only advised by solicitor etc to insure once exchange had taken place.

MelaBella

gemma.zhang wrote: »

Hi All,



'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!

OP where it actually says in your report that the property moved because of subsidence? I give you an exmaple my Hhomebuyer's says the same continued by the phrase that there are subsidence cases known in the area but it says that my particular house didnt suffer from this. so the surveryer told me to say No to all the questions about subsidence.