Insuring a house for license to occupy help

Brewerspride

CKhalvashi said:

flat4fanatic said:

Thanks all. Quick follow-up in case it helps anyone. I got insurance through the firm my friend uses for her BTL. Comparable to the normal house insurance £ wise and they had no issue with a license. As for the working of the license itself, the buyer paid the full sale amount to her solicitor who then held the funds, transferring the agreed amount to my solicitor each month, which was then taken off the total on completion (held by my solicitor until then so not classed as income for the estate). Probate came through surprisingly quickly and sale all went through fine, with a good refund on the insurance too (which the buyer had paid for). 

To answer a couple of the q's - sale was already in process when mum passed. It was my solicitor who suggested it, but in a small rural place scenario the buyers solicitor had been mum and dads solicitor for many years. 

I'd recommend them finding somewhere on Airbnb/Booking Monthly Stays in this case.

If you don't want to take that advice, make sure you've exchanged before any keys are handed over (to ensure you don't get into a difficult situation) and make sure someone temporarily moves in (preferably a beneficiary to ensure that runs smoothly) to avoid creating a tenancy is my advice here.

That everyone knows each other is irrelevant and actually making this a higher risk situation. There are large amounts of money on the line and this needs to be looked at from an independent situation rather than one of friends.

@CKhalvashi - looking at the update from the OP, the sale has gone through fine.

CKhalvashi

Brewerspride said:

CKhalvashi said:

flat4fanatic said:

Thanks all. Quick follow-up in case it helps anyone. I got insurance through the firm my friend uses for her BTL. Comparable to the normal house insurance £ wise and they had no issue with a license. As for the working of the license itself, the buyer paid the full sale amount to her solicitor who then held the funds, transferring the agreed amount to my solicitor each month, which was then taken off the total on completion (held by my solicitor until then so not classed as income for the estate). Probate came through surprisingly quickly and sale all went through fine, with a good refund on the insurance too (which the buyer had paid for). 

To answer a couple of the q's - sale was already in process when mum passed. It was my solicitor who suggested it, but in a small rural place scenario the buyers solicitor had been mum and dads solicitor for many years. 

I'd recommend them finding somewhere on Airbnb/Booking Monthly Stays in this case.

If you don't want to take that advice, make sure you've exchanged before any keys are handed over (to ensure you don't get into a difficult situation) and make sure someone temporarily moves in (preferably a beneficiary to ensure that runs smoothly) to avoid creating a tenancy is my advice here.

That everyone knows each other is irrelevant and actually making this a higher risk situation. There are large amounts of money on the line and this needs to be looked at from an independent situation rather than one of friends.

@CKhalvashi - looking at the update from the OP, the sale has gone through fine.

Great! 

Sorry, I missed the update when replying but I'm happy for OP in this case.