Mortgage requires subsidence insurance

elder1

Hi All,


I've just had my mortgage offer come through, and noticed that under the 'Insurance cover' section it mentions:


The valuation report carried out for us shows evidence of movement either to the Property or other properties in the locality. Your solicitor/licensed conveyancer must ensure that the insurance policy covers subsidence, heave, and landslip.


I take it that this means I will need specialist insurance or is this covered under most policies? Is there any recommendations for insurers for this type of insurance?
Feel kind of confused.....just seem to get through the mortgage process and then hit with something else....joys of being a first time buyer!


Thanks and any advice/info would be greatly appreciated.

Let_Us_See

Unless it is an existing or past condition of the property, all buildings insurance cover such terms with often a £1,000 excess. If the surveyor has identified a specific problem with your property, then you need to go back to lender and ask for clarification.

elder1

I've spoken to my solicitor and he advised that most basic policies should cover this as was mentioned.


So I was just wondering what documents would I need to provide to get building insurance if any? Also when do you need to have the insurance in place...is this before completion as it was mentioned that the solicitor must check this is in place?


Thanks all.

Thrugelmir

You'll need to declare the full facts to the insurance company in order to obtain cover. What did the surveyors report say?