Who decided not to purchase chancel repair liability insurance?

ijrwe

I'm minded to turn it down on my current purchase (normal house in densely-populated suburb), I just don't see it as a very real risk.

I infer that it's not compulsory, though my solicitor didn't word in that way.

ognum

I have always purchased it, like you I consider it a bit of a rip off but in the great scheme of house purchase costs it is really a small amount.

I have read of a few people who have been caught out!

Maybe this is the next PPI type scam that will hit the news and we will eventually all get repaid!

ijrwe

ognum wrote: »

I have always purchased it, like you I consider it a bit of a rip off but in the great scheme of house purchase costs it is really a small amount.

I have read of a few people who have been caught out!

Maybe this is the next PPI type scam that will hit the news and we will eventually all get repaid!

I've only heard of that one case at Glebe Farm, have there actually been others since?

kitten_blue

Interesting thread -We have a "Potential" document via our solicitors regarding this, and wonder if anyone has any recommendations for who to go with should we decide (really not sure yet) to not risk it?

G_M

If you are getting a mortgage you may find the lender insists on you buying it. Is your conveyancer acting for the lender too?

The need for insurance will end soon.... but not yet.

The good news is that legislation is now in place requiring PCCs to register chancel repair liability against affected property titles before 13th October 2013. Our understanding is that any liabilities that are not clearly recorded against the property title will cease to be enforceable after that date. We predict that some PCCs will actively seek to record their interest before this legislative cut off date. In the event that a PCC sought to register their interest against a property title, the owner would be notified by the Land Registry and would be given the opportunity to object to the registration.

ijrwe

G_M wrote: »

If you are getting a mortgage you may find the lender insists on you buying it. Is your conveyancer acting for the lender too?

Erm, well they were appointed by me, separately to my mortgage application. But I don't know to what extent they have to act for lender as well. The lender hasn't mentioned it, only regular buildings insurance.

kingstreet

Your solicitor is also acting for your mortgage lender, unless it has appointed a separate firm, which you would know about as you would be paying the bill.

Think HSBC earlier this year - use your own solicitor not on its panel and pay £192 for Countrywide to act for the lender.

ijrwe

kingstreet wrote: »

Your solicitor is also acting for your mortgage lender, unless it has appointed a separate firm, which you would know about as you would be paying the bill.

Think HSBC earlier this year - use your own solicitor not on its panel and pay £192 for Countrywide to act for the lender.

Oh, right - well I haven't paid any fees like that so far. I don't know, really.

kingstreet

What does your key facts illustration say in section 8 about fees?

There should be an entry about lender's legal costs.

Your solicitor's quotation may also make reference to acting for lender too.

ijrwe

kingstreet wrote: »

What does your key facts illustration say in section 8 about fees?

There should be an entry about lender's legal costs.

Your solicitor's quotation may also make reference to acting for lender too.

Other Fees

A non-refundable legal fee payable to your legal adviser for acting on our behalf
and payable before the loan starts. The figure quoted here is only an indication
and is only part of the cost of the overall legal work. The total fee will be higher.
Please ask your legal adviser for details.

£117.00

---

I queried this on the telephone when I originally applied and she said that I wouldn't personally have to pay that, but it's like a segment of my fees already paid to the solicitors...?
My quote from my solicitors makes no mention of a separate fee for this, from what I can tell.

kingstreet

That's right. A portion of your solicitor's fees, quoted to you by your solicitor at the outset, is in respect of work done by your solicitor for the mortgage lender.

Your solicitor may not show this as a separate entry. The ones that make a separate charge do show it separately. The ones which charge a single flat-fee which covers everything don't.

So, it is possible your lender may tell your solicitor that chancel repair liability insurance is mandatory, or it may not.