Buildings Insurance Neighbour

kennedymatt

Dan-Dan wrote: »

You need any more reasons to pull out?

moneyistooshorttomention wrote: »

Would you be getting the freeholder to get her to provide proof every year that she has just renewed the insurance?

thanks.

Yes I guess so, Id remind the freeholder he has to enforce and obtain copies of insurances annually. otherwise he isnt performing his duties and surely that is illegal as well?

eddddy

You need to investigate a Contingent Building Indemnity Insurance policy

If you have a mortgage the lender might insist on this.

You could say it's insurance against the risk that the other leaseholder isn't properly insured.

This website has an article on it : http://www.fridaysmove.com/why-contingent-building-indemnity-insurance-policy-sometimes-must/13286

and scroll down to: 6. The owners of flats are insuring their flats separately


(Any solicitor/conveyancer will be able to arrange this. I'm not recommending the firm in the URL, I don't know them.)

HouseBuyer77

In order to take out such a policy they will ask you provide your neighbour's insurance details though.

HappyMJ

kennedymatt wrote: »

thanks.

Yes I guess so, Id remind the freeholder he has to enforce and obtain copies of insurances annually. otherwise he isnt performing his duties and surely that is illegal as well?

It's all civil there's nothing illegal about anything. Why are you not pulling out?

What if the proposer provided false information to get insurance and the insurance won't pay out. You've lost everything. You can't claim the land that's owned by the freeholder.

moneyistooshorttomention

HouseBuyer77 wrote: »

In order to take out such a policy they will ask you provide your neighbour's insurance details though.

That would logically follow - but, having got those insurance details, then I would have thought the whole point of an indemnity against the neighbour maybe not having insurance in the future = precisely in case they don't subsequently renew the insurance in future years??

DandelionPatrol

kennedymatt wrote: »

we've got a good deal! and london prices have gone up too much now. If we pulled out we wouldnt get anywhere!

Now you know why it is so cheap ....

belisha-beacon

Dan-Dan wrote: »

You need any more reasons to pull out?

Off-topic I know, but although I agree the insurance issue would be a big reason to pull out of the sale, it's a bit worrying that people would pull out of a sale just because a neighbour is schizophrenic. Being schizophrenic in no way predicts what someone will be like as a person, and seeing as 1% of the population have it then we'd all be a bit stuck if everyone refused to live next to them. I lived with a guy who was schizophrenic when I was a student, and none of us housemates noticed. I only knew because he told me.

This short video sums it up better than I could explain it (less than 2 minutes long, it's worth a watch!): https://www.youtube.com/watch?v=YJC-AJWNES8

kennedymatt

HappyMJ wrote: »

It's all civil there's nothing illegal about anything. Why are you not pulling out?

would you pull out?! she still might provide the details yet so surely worth hanging on. also could the freeholder not just pay to insure as a backup?

kennedymatt

eddddy wrote: »

You need to investigate a Contingent Building Indemnity Insurance policy

If you have a mortgage the lender might insist on this.

You could say it's insurance against the risk that the other leaseholder isn't properly insured.

thanks very useful.

kennedymatt

belisha-beacon wrote: »

Off-topic I know, but although I agree the insurance issue would be a big reason to pull out of the sale, it's a bit worrying that people would pull out of a sale just because a neighbour is schizophrenic.

agreed but it does increase likely hood of issues esp when has caused issue in the past with noise complaints about made up events. But i agree id much its an illness.