We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buildings insurance during exchange?
Options
Comments
-
I had to get my building insurance arranged before the lender would release funds; it's a standard thing with this particular lender.Mortgage started 2020, aiming to clear 31/12/2029.1
-
Hi all and thanks for the replies. Clearly one of those grey areas it seems...
For us... It transpires that the current policy had actually expired on 20th March and despite the lender having faxed the solicitor to tell them this, it was only when I proactively called the lender myself to check on funds-release did I find out it had expired.
More worryingly though is the fact that our solicitor had SPECIFICALLY asked US for the policy document during pre-exchange and despite me saying that it had expired, he said "its fine".
We don't want to finger-point (well, we do) but I can't help feeling like he has properly dropped the ball. Surely ensuring we're entering into an arrangement which is suitably insured should be top of his agenda whilst acting on our behalf?
R.e. suggestions to simply get temp cover - given we're buying a "share of freehold", I don't think a buildings insurance policy, without the other leaseholder (share of freeholder) on it would have been underwriteable (I realise that's not a real word), right?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards