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Chancel repair insurance

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Help1234
Help1234 Posts: 464 Forumite
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in House buying, renting & selling
Hello,

My solicitors have asked in their report if we want a quote for chancel repair insurance. The quote says £15 premium. I'm not sure what this means. A one off payment of £15? £15 a month? £15 a year?

What types of payments do people generally make?
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Comments

  • Jemima09
    Jemima09 Posts: 179 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    It's a one-off, £15 sounds about right :)
    Debt Free and Very Very Proud! - DMP mutual support member 315
    Debts at May 09 (LBM) £20,675 : Dec 13 £ZERO!
  • Help1234
    Help1234 Posts: 464 Forumite
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    Oh right because the details seem to imply otherwise. The quote states:

    Limit of Indemnity - £250,000
    Inception Date - TBC
    Premium - £15 - (inclusive of Insurance Premium Tax) - increasing by 5% compound per annum on the anniversary of the for the first 10 years.
    Period of Insurance From the Inception Date and continuing in perpetuity
  • Jemima09
    Jemima09 Posts: 179 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    Help1234 wrote: »
    Oh right because the details seem to imply otherwise. The quote states:

    Limit of Indemnity - £250,000
    Inception Date - TBC
    Premium - £15 - (inclusive of Insurance Premium Tax) - increasing by 5% compound per annum on the anniversary of the for the first 10 years.
    Period of Insurance From the Inception Date and continuing in perpetuity


    Ooh, I have no idea what that means! It sounded about right compared to what I paid and mine was deffo just the once.
    Debt Free and Very Very Proud! - DMP mutual support member 315
    Debts at May 09 (LBM) £20,675 : Dec 13 £ZERO!
  • ACG
    ACG Posts: 23,727 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
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    Why give half the information in your post.

    Why not ask your solicitor, the person who is infinitely more in the know about your application than anyone on here will be and the person you are paying for their professional opinion.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Help1234
    Help1234 Posts: 464 Forumite
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    ACG wrote: »
    Why not ask your solicitor, the person who is infinitely more in the know about your application than anyone on here

    I really wouldn't be so sure about that. I suspect in fact a monkey may be more in the know then them. I could probably get in touch with a monkey a little easier as well.
  • Margot123
    Margot123 Posts: 1,116 Forumite
    edited 19 January 2018 at 5:23PM
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    The insurance premium should be a one-off. I paid £12 for mine.

    Whatever you do, don't start any official chancel searches yourself (or instruct anyone to do so on your behalf). You won't be able to take out the insurance if you do.

    The clue to how long it lasts is in the wording 'Period of Insurance From the Inception Date and continuing in perpetuity' ie forever......
  • Help1234
    Help1234 Posts: 464 Forumite
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    Margot123 wrote: »
    The insurance premium should be a one-off. I paid £12 for mine.

    Whatever you do, don't start any official chancel searches yourself (or instruct anyone to do so on your behalf). You won't be able to take out the insurance if you do.
    Good to know thank you :)
  • Shedman
    Shedman Posts: 1,495 Forumite
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    Margot123 wrote: »
    The insurance premium should be a one-off. I paid £12 for mine.

    Whatever you do, don't start any official chancel searches yourself (or instruct anyone to do so on your behalf). You won't be able to take out the insurance if you do.

    The clue to how long it lasts is in the wording 'Period of Insurance From the Inception Date and continuing in perpetuity' ie forever......

    Are you sure that is correct as my solicitor has just told me that that would be the case if querying building control / planning permissions with council as that would preclude getting that type of indemnity insurance, but with Chancel Liability insurance a search wouldn't stop you being able to get it?
  • thelem
    thelem Posts: 774 Forumite
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    I thought chancel repair liability wasn't a problem any more, but it turns out its a bit more complicated than that.
    http://www.shoosmiths.co.uk/client-resources/legal-updates/Chancel-repair-liability-the-latest-7176.aspx


    Has the property been sold since 2013? Is the liability registered with the land registry?
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
  • glitter123
    glitter123 Posts: 495 Forumite
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    We've just had a letter from our buyers solicitor stating that our house is "potentially liable" according to the Chancel Search. They have quoted an insurance cost of £94 to be paid by us. Sounds expensive to me from reading this thread.
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