Selling Maisonette

ktgleb

Hi everyone. 
We are selling our maisonette and have been asked to pay for 2 insurance policies when we are going to exchange. Contingent and Indemnity we have been quoted 300£ for contingency and £180 for indemnity. Do we know if we can get both together? also when i google there only seems to be indemnity insurance on businesses not on buildings. Do we know where i would look insurance policies?

eddddy

Solicitors would arrange these policies - they're not normally sold direct to consumers.

I'd have thought that the buyer (or their solicitor) should be paying for a contingent buildings insurance indemnity policy. But maybe it's not worth arguing over £300.

What's the other indemnity policy for?

canaldumidi

What are the policies for?  Why are they needed and why is the buyer not paying (assuming it's for their benefit)?

And why the duplicate threads....?

https://forums.moneysavingexpert.com/discussion/6310972/fensa-certficate#latest

eddddy

eddddy said:

Solicitors would arrange these policies - they're not normally sold direct to consumers.

I'd have thought that the buyer (or their solicitor) should be paying for a contingent buildings insurance indemnity policy. But maybe it's not worth arguing over £300.

What's the other indemnity policy for?

I just saw your other thread - it looks like the other indemnity policy relates to replacement windows.  Why does somebody believe that the windows have been replaced?


Also, I think you're asking about a "contingent buildings insurance indemnity policy", and you say you're not sure what that is.

It's probably needed because the upstairs leaseholder has to insure the upstairs part of the building - and the downstairs leaseholder has to insure the downstairs part of the building.

So the upstairs leaseholder takes out "contingent buildings insurance" - just in case the downstairs leaseholder fails to insure their part of the building properly (and vice versa). i.e. If the whole building burns down, and part of the building isn't insured, there may be no money to rebuild the whole building.


(But there could be other reasons for having "contingent buildings insurance" as well - but perhaps the above is the most likely reason.)