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Building's Insurance Through Factors
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Harmonica89
Posts: 24 Forumite
I'm currently going through the process of buying a flat. I've been informed that the building's insurance is though the factor that manages the property.
I've just recieved my mortgage offer and I need to make sure I'm covered. Am I immediately covered from the point I own the property? I'd imagine I don't start paying factors fees until I move in.
How do I go about ensuring I am covered when the contracts are signed?
I've just recieved my mortgage offer and I need to make sure I'm covered. Am I immediately covered from the point I own the property? I'd imagine I don't start paying factors fees until I move in.
How do I go about ensuring I am covered when the contracts are signed?
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Comments
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Check with the Factor to be sure. But I would have thought you were covered from completion. The previous owner will have paid up to whatever date and you will simply take over. The Factor will be used to this and will advise appropriately. The buildings insurance will run for the whole block. I pay factor fees every 3 months and just took over in the payments from previous owners.0
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Your solicitor deals with this. The insurance info will be among the info which the sellers' solicitor gets from the factors and passes to your solicitor. It's a single policy for the whole building, so cover is seamless.0
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