Chancel repair insurance

Help1234

Hello,

My solicitors have asked in their report if we want a quote for chancel repair insurance. The quote says £15 premium. I'm not sure what this means. A one off payment of £15? £15 a month? £15 a year?

What types of payments do people generally make?

Jemima09

It's a one-off, £15 sounds about right

Help1234

Oh right because the details seem to imply otherwise. The quote states:

Limit of Indemnity - £250,000
Inception Date - TBC
Premium - £15 - (inclusive of Insurance Premium Tax) - increasing by 5% compound per annum on the anniversary of the for the first 10 years.
Period of Insurance From the Inception Date and continuing in perpetuity

Jemima09

Help1234 wrote: »

Oh right because the details seem to imply otherwise. The quote states:

Limit of Indemnity - £250,000
Inception Date - TBC
Premium - £15 - (inclusive of Insurance Premium Tax) - increasing by 5% compound per annum on the anniversary of the for the first 10 years.
Period of Insurance From the Inception Date and continuing in perpetuity

Ooh, I have no idea what that means! It sounded about right compared to what I paid and mine was deffo just the once.

ACG

Why give half the information in your post.

Why not ask your solicitor, the person who is infinitely more in the know about your application than anyone on here will be and the person you are paying for their professional opinion.

Help1234

ACG wrote: »

Why not ask your solicitor, the person who is infinitely more in the know about your application than anyone on here

I really wouldn't be so sure about that. I suspect in fact a monkey may be more in the know then them. I could probably get in touch with a monkey a little easier as well.

Margot123

The insurance premium should be a one-off. I paid £12 for mine.

Whatever you do, don't start any official chancel searches yourself (or instruct anyone to do so on your behalf). You won't be able to take out the insurance if you do.

The clue to how long it lasts is in the wording 'Period of Insurance From the Inception Date and continuing in perpetuity' ie forever......

Help1234

Margot123 wrote: »

The insurance premium should be a one-off. I paid £12 for mine.

Whatever you do, don't start any official chancel searches yourself (or instruct anyone to do so on your behalf). You won't be able to take out the insurance if you do.

Good to know thank you

Shedman

Margot123 wrote: »

The insurance premium should be a one-off. I paid £12 for mine.

Whatever you do, don't start any official chancel searches yourself (or instruct anyone to do so on your behalf). You won't be able to take out the insurance if you do.

The clue to how long it lasts is in the wording 'Period of Insurance From the Inception Date and continuing in perpetuity' ie forever......

Are you sure that is correct as my solicitor has just told me that that would be the case if querying building control / planning permissions with council as that would preclude getting that type of indemnity insurance, but with Chancel Liability insurance a search wouldn't stop you being able to get it?

thelem

I thought chancel repair liability wasn't a problem any more, but it turns out its a bit more complicated than that.
http://www.shoosmiths.co.uk/client-resources/legal-updates/Chancel-repair-liability-the-latest-7176.aspx


Has the property been sold since 2013? Is the liability registered with the land registry?

glitter123

We've just had a letter from our buyers solicitor stating that our house is "potentially liable" according to the Chancel Search. They have quoted an insurance cost of £94 to be paid by us. Sounds expensive to me from reading this thread.