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contigent buidlings insurance
hells_bells
Posts: 88 Forumite
We are buying a leasehold maisonette in a block of four. There are no communal areas and each maisonette owner is responsible for insuring their own maisonette. Our solicitors want to see the other maisonette owners buildings insurances and leases and it is taken ages. Am I correct in thinking if we are getting nowhere with this because the other owners cant be bothered replying can we buy something called contingent buildings insurance to cover us?
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hells_bells wrote: »We are buying a leasehold maisonette in a block of four. There are no communal areas and each maisonette owner is responsible for insuring their own maisonette. Our solicitors want to see the other maisonette owners buildings insurances and leases and it is taken ages. Am I correct in thinking if we are getting nowhere with this because the other owners cant be bothered replying can we buy something called contingent buildings insurance to cover us?
Indemnity insurance I think is the correct name for the cover you seek.{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}
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What would the indemnity policy cover?
Say none of the other 3 maisonettes have insurance. There's a fire and the block is destroyed. Would the indemnity insurance pay to rebuild the other 3 flats?
If not, it's not a lot of use.
If yes, this seems like a cheap way to get insurance cover for 4 flats!0 -
Yes a contingent buildings insurance policy may be the answer, and may be required if you have a lender. They normally cost a couple of hundred pounds so it would be usual to ask the seller to obtain this on completion at their own cost to remedy the issue. Best to discuss with your solicitor whether its an option as they will be best placed to advise you.My credit card: £148.07/£694.91 (21%)
Partner's credit card: £0/£602.03
Loan from partner's mum: £800/£2,400 (33%)
Loan from partner's dad: £10,000/£10,000 (100%)
Personal loan: £3,000/£3,000 (100%)0 -
Just realised the OP is from October last year :doh:
Would still be interested to know how the OP got on though.{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}
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