Buildings Insurance
Buildings Insurance :
Building insurance is not legally compulsory but no lender will do
business until you take it out on the property you wish to purchase.
This is unfortunately will be a condition of obtaining a mortgage on all ‘free-hold’ property purchases and a possible breach of contract if you object.
If the insurer wont provide cover for your selected property for reasons such as the area location has a history of problems such as flooding then the mortgage wont be to able to proceed.
It can get expensive so advice from a professional independent surveyor will come in handy for finding out exactly how much cover you will need if in the worst case scenario the house is burned to the ground or some other similar catastrophe.
Again the terms and conditions of the policies will vary with each provider however the focus of the policy will remain on the building structure.
Most lenders will have a policy you can take up through them then and there insuring a quicker and smoother process however the insurance industry is a competitive one so you are likely to find one cheaper if you shop around.
