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Indemnity against management company going bust?
amcutler
Posts: 6 Forumite
Hi all,
We are due to complete a sale in about 10 days. The solicitor has just flagged up a problem with our current lease and say it is defective. The problem is the lease makes no provision for what would happen if the management company goes bust. This could affect the purchase of buildings insurance and therefore the flat is unmortgagable. My question is this; do all leases have this provision explicitly stated? Does the small chance of the event happening really make the flat unmortgagable? The solicitor has suggested we take out an indemnity policy to cover us in the event of a problem £340)...
Any feedback appreciated. Cheers, Adam
We are due to complete a sale in about 10 days. The solicitor has just flagged up a problem with our current lease and say it is defective. The problem is the lease makes no provision for what would happen if the management company goes bust. This could affect the purchase of buildings insurance and therefore the flat is unmortgagable. My question is this; do all leases have this provision explicitly stated? Does the small chance of the event happening really make the flat unmortgagable? The solicitor has suggested we take out an indemnity policy to cover us in the event of a problem £340)...
Any feedback appreciated. Cheers, Adam
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