Rentcharge and 4 indemnity insurance policies

PurplePow

First time buyer on my third attempt at buying a property. I seem to have no luck!

So the property I’m buying appears to have “rentcharge” - the house is freehold but I still have to pay £3 a year rent. I’ve done some reading and it doesn’t worry me (leasehold would have!) - has anyone got any experience with this? Did it cause any issues?

My solicitor is also raising a few issues around a new ish roof, missing chimney breasts and new consumer unit, all of which were installed before current seller and he has no paperwork for any of these so my solicitor is requesting indemnity insurance policies for all of these. Will these be quite expensive?

My seller also installed windows 10 months ago but has no FENSA or building regs certification. As it’s less than 12 months it can’t be an indemnity policy it needs to be “bespoke.” Will this be quite costly? I can’t find much information on indemnity policies for breaches less than 12 months old.

da_rule

Probably looking at a couple of hundred pounds per policy. The seller will need them regardless of who they sell to so may just nite the bullet and do it.

davidmcn

Also generally just one policy to cover all building regulations issues at the property, not a separate policy for each item you've listed.

PurplePow

I was thinking around £100/200 in total not per policy! I’m unsure on how much the bespoke one will be and I’m going to insist that one is paid by the seller.

bumblebee1992

Some insurers have recently introduced standard indemnity policies for building regulation breaches covering 6 months.

I would estimate within the region of £65-£100 for the bespoke policy, depending on which insurer. Possibly even less. It sounds as though on building regulation indemnity insurance policy is required for the issues you’ve mentioned as opposed to 4 separate policies. Lack of b regs indemnity is relative cheap, however it does depend on whether the solicitor charges a fee to obtain and incept.