WTF is a Building Insurance Policy Schedule???

**BrokenFairy** · 19-06-2009, 01:26pm

Our solicitors are driving us CRAZY they keep asking us for different things, we get one thing done and then a new thing is asked for. I've never bought a house before but OH has and he says he's never had to do all this before

Anyway they have been asking for Building Insurance on the house we want to buy, OH got us a quote as thats what he thought they meant? He dropped it off at the solicitors and the receptionist said that wasn't what they wanted but didn't know what they did want just that it was 'something else'

Today we get another letter to say they want a Building Insurance Policy Schedule which should note your lender as an interested party.

What is that all about? OH rang them from work to ask and the girl on the phone apparently said that they didn't have any problems with their other clients getting them but again hasn't bean clear on what exactly it is?!?

Does anyone know? Because we haven't a clue?

**Adelelee** · 19-06-2009, 01:29pm

Have you got a house already with insurance on it?

When you have taken out your building insurance you will have been provided with a policy schedule, this is to confirm you have BI in place.

If not, and this is your first house then I am not sure!!

**sparkliness** · 19-06-2009, 01:29pm

You need to have a buildings insurance policy in place, arranged already.

The schedule is the bit from the Insurance company which lays out the details of the policy. If you arrange the insurance, they may be able to fax a copy directly to the solicitor.

**BrokenFairy** · 19-06-2009, 01:32pm

Thanks ladies

Yep we have a house and it's insured but we're trying to buy a new house and before we can arrange a completion date they are asking for this schedule.

So we need to arrange for insurance on the new house? Even without an exchange date etc? Is that right?

Whats this about the lender being an interested party?

**Adelelee** · 19-06-2009, 01:34pm

Originally Posted by BrokenFairy

Thanks ladies

Yep we have a house and it's insured but we're trying to buy a new house and before we can arrange a completion date they are asking for this schedule.

So we need to arrange for insurance on the new house? Even without an exchange date etc? Is that right?

Whats this about the lender being an interested party?

Your lender needs to know that you have buildings insurance on the property (i.e. if it needs rebuilding etc) because obviously they are lending you the money on it (interested party

)

xx

**sparkliness** · 19-06-2009, 01:35pm

If you contact your existing insurer it should be possible to transfer the policy to your new house.

Ring the Solicitors and ask if they want to see the schedule for your existing policy which will be transeferred, and if not what exactly they want you to do and how to do it.

The lender is an interested party in your home, because you owe them money against it.

**BrokenFairy** · 19-06-2009, 01:37pm

OK thanks girls. Why couldn't the receptionist tell us this? I knew Damsels was the answer!

**Adelelee** · 19-06-2009, 01:38pm

Originally Posted by BrokenFairy

OK thanks girls. Why couldn't the receptionist tell us this? I knew Damsels was the answer!

Because she probably did not know what she was talking about, they prob just asked her to call you and ask for the schedule

**BrokenFairy** · 19-06-2009, 02:09pm

Originally Posted by Adelelee

Because she probably did not know what she was talking about, they prob just asked her to call you and ask for the schedule

Probably. It's really very simple when you know!

It's done now anyway, the poor woman sorting it out on the other side of the world was a saint. I had to do it with Sofia absolutely screaming down my ear and neither of us could hear a bloody thing

I've probably insured a house in outer mongolia now

**Adelelee** · 19-06-2009, 02:10pm

Glad you have it all sorted

**Lilacgirl** · 19-06-2009, 02:18pm

I am sorting this out at the moment! It's all very complicated as it has to be "index linked" and lots of other conditions (which are conditions of the mortgage).
I can't get my head around it!

**Adelelee** · 19-06-2009, 02:21pm

Originally Posted by Lilacgirl

I am sorting this out at the moment! It's all very complicated as it has to be "index linked" and lots of other conditions (which are conditions of the mortgage).
I can't get my head around it!

#

Index linked just means that if you have a reuilding value of your home of say £180,000 then it just goes up by a certain % each year automatically. Just to ensure that your rebuilding valuation stays correct as some people would not think of upping this then if the worst happened they would not be insured enough to rebuild their home!

xx