difference between policies

alifeforfriend

Hi , i am in the process of purchasing a leasehold flat. can someone please let me know what is the difference between indemnity policy and bespoke policy?

Thanks

GMS

Same thing. They will cover whatever is needed. One may be a standard clause whilst the bespoke will cover a non standard covenant perhaps.

Consult your conveyancer.

alifeforfriend

GMS wrote: »

Same thing. They will cover whatever is needed. One may be a standard clause whilst the bespoke will cover a non standard covenant perhaps.

Consult your conveyancer.

Its just some work was done in the flat about couple of years ago, and the seller did obtained the permission from the freeholder but the freeholder did gave the seller verbal permission. Now my solicitor wants confirmation of that permission from the freeholder.

My Mortgage offer is expiring very soonly, so i have told my solicitor to accept the indemnity insurance. But my solicitor found out that the seller solicitor has already written to freeholder .
Since its not confirmed how long will it take to get the confirmation from the freeholder. My solicitor has advised me to take the bespoke insurance and i have never heard of this before..thats why i asked here

GMS

May be £200 to save a whole lot of hassle

alifeforfriend

GMS wrote: »

May be £200 to save a whole lot of hassle

Hi can you please let me know who arranges the bespoke policy, is the solicitor who arranges with the insurance company. Or it needs to be arranged with the freeholder.

i am just asking for personal satisfaction, coz if the besoke policy is been arranged with the freeholder then it would be the same thing like getting the consent confirmation , as it requires chasing the freeholder.

please advice

alifeforfriend

anyone please?