Curry Popeck

West End Office:
87 Wimpole Street
London W1G 9RL
Tel: +44 (0)20 7224 6633
Fax: +44 (0)20 7935 4042
DX No: 9082 West End

Harrow Office:
380 Kenton Road
Harrow, Middlesex
HA3 8DP
Tel: +44 (0)20 8907 2000
Fax: +44 (0)20 8927 0499
DX No: 47504 Kenton

Philip Popeck brings you up to speed on buildings insurance policies
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Building insurance is must-have for any property owner.
If you live in a flat, this is usually arranged by the Landlord, their agents or management company but if you live in a house, arranging it is your responsibility. Most properties have a mortgage on them, and all lenders insist that the policy meets their requirements (many lenders will organise a policy for you, but it may be expensive).
If you take out the policy yourself problems and delays can occur. The lenders requirements are set out in the Council of Mortgage Lenders Lenders' Handbook, which solicitors must follow and which lists 19 separate risks to be covered by the policy.

Not all buildings insurance policies are the same and some do not include cover for all 19 risks.
Before the mortgage advance will be released, your solicitor will have to confirm to the lender that the policy will comply, so it is important that he/she is provided with full details as early as possible so they can be checked and omissions dealt with.
It has been suggested to insurers that the policies are standardised and come with a certificate proving they comply with the Lenders' Handbook, but apparently they have refused.
Philip is a Partner at Curry Popeck, Solicitors: 020 8907 2000, philipp@currypopeck.com

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