Index linked and lender noted on building insurance.

Foxmark

Hi all,


My first post here so also big welcome!


I'm about to exchange contracts but my solicitor (She also represents the lender) keep making fuss about building insurance I have selected.


Does any one could help and tell me any insurer that provides insurance with option to Index linked and ability to add lender to policy (lender noted)


All I was able to find wad definition of Index linked - covered value rise with the inflation (if I get this right)



I hope this is the right forum for this question as it's also insurance related.


Thank you in advance.

dimbo61

Your Solicitor is right and most if not all lenders require you to have Buildings Insurnce in place when you exchange contracts.
There are lending you a lot of money and want to protct themselves.
Shop round and find the best deal.
You will know the rebuilding costs from your survey.
Take out Contents insurance at the same time ( cheaper)
Good Luck in the your new home

sparkey1

What you are asking for is quite normal for buildings. Normally as one of the questions they will ask if a lenders interest needs to be added.

Foxmark

Thank you for your reply dimbo61 - I’ve already bought cover from Admiral (Platinum) to max on everything and also stated cost of rebuilding the property (as you said) from my survey but I can't force Admiral to add Virgin to the policy (lender noted) and I had to cancel my cover.

What I need is a name of the insurer that allows adding lender to a policy (I think)

sal_III

Why don't you ask your solicitor and/or Lender for acceptable insurance providers and pick a product from their portfolio that suits you?

Foxmark

I wouldn't be here asking this question if that would be so easy - your advice was my first guess.


Basically: Virgin Money told me any mainstream insurer is OK and they seems to be quite relaxed about it however my solicitor (that I'm paying to help me) is not willing to provide any list - replied with:

No I cannot provide you with a list. Index linked and lender noted on the policy is all I need (very helpful indeed!)

kingstreet

Adding the lender to the policy and noting the lender's interest are two different things.

Your solicitor is expected to satisfy CML Handbook requirement 6.14.2 or whatever it is now. You may not be able to arrange this cover online, so expect to have to call the insurer to have the lender's interest noted.

Foxmark

I finally managed to find insurer that my solicitor is happy with.

People from Churchill made all necessary amendments without any problems and I can now progress with the transaction.


Thank you very much for help!