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House purchase - boiler indemnity insurance
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mp3duck
Posts: 1,305 Forumite
We're currently getting close to purchasing a house (will be BTL).
Our mortgage company has requested that the vendor provide a "boiler indemnity insurance", before they release any funds.. The boiler is 3-4 years old I think, but the vendor is unable to find any guarantee documents..
Is this a normal request? We are quite happy to exchange and complete with out this, as we'll likely be renovating the property in around a year's time anyway. (after selling an existing property and paying off mortgage).
I think the vendors solicitor is semi-retired and works part time.. He's been making quite a few mistakes, and doing things late/delayed all though the process.
Our mortgage company has requested that the vendor provide a "boiler indemnity insurance", before they release any funds.. The boiler is 3-4 years old I think, but the vendor is unable to find any guarantee documents..
Is this a normal request? We are quite happy to exchange and complete with out this, as we'll likely be renovating the property in around a year's time anyway. (after selling an existing property and paying off mortgage).
I think the vendors solicitor is semi-retired and works part time.. He's been making quite a few mistakes, and doing things late/delayed all though the process.
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Comments
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If the mortgage lender is insisting on it, you have little choice.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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sadly they are.. hopefully it won't be too expensive for the vendor.. as if they refuse, the sale basically falls though.. does seem like a strange request.. the boiler is just something that the owner of the house maintains/replaces, and shouldn't be of concern to the mortgage lender, if it's in working order (nothing noted in survey).
Lender of Paragon if anyone else has had experience with them0 -
The indemnity will cover costs incurred because of the council enforcing building regulations (which may or may not be violated by the boiler installation, you have no proof either way) rather than anything to do with it breaking down. As such I would have thought the insurance would be very cheap so it shouldn't cause an issue.0
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so, apparently, the Vendor is refusing to pay for the indemnity insurance.
We're waiting to speak to our solicitors (typically hard to get hold of/speak to) to find out what exactly the insurance is for, and how much it costs. I guess we'll end up having to pay for it, if it means the sale goes ahead..
Another issue is our mortgage offer runs out on 03 Aug.. but I understand it could be extended is need be.0 -
The insurance will probably be £30 to £100 max, just one of those things that needs to be paid for during conveyancing.0
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s...
We're waiting to speak to our solicitors ...to find out what exactly the insurance is for, and how much it costs.the indemnity will cover costs incurred because of the council enforcing building regulations (which may or may not be violated by the boiler installation, you have no proof either way) rather than anything to do with it breaking down. As such i would have thought the insurance would be very cheap so it shouldn't cause an issue
:t :t0 -
Assuming it is an indemnity insurance policy that's required, and
assuming it is the boiler that is to be indemnified, then
that is the answer.0 -
Assuming it is an indemnity insurance policy that's required, and
assuming it is the boiler that is to be indemnified, then
that is the answer.
Does it have to be taking out by the vendor, or, could we, the buyers pay for it? Vendor doesn't want to pay it. Seems silly, as cost is tiny compared to sale price (over 700k)..0 -
Anyone can take it out. Even your mum.0
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