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re-mortgage buildings insurance issue - HELP!!


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Hi. Sorry if this has not been posted in the correct forum.

 

I'm currently going through a re-mortgage. Today I received the usual paper work, including the deed along with various things I need to provide (certified ID etc).

 

Also requested is the following:

 

'The current buildings insurance block policy including the schedule of cover and details of all insured risks. It is a requirement of your new lender that XXXXX's interest is noted on the policy before completion; please discuss this with your landlord or managing agent as soon as possible. XXXXX will need to see the update policy and schedule before your remortgage can be completed'.

 

Now, I've had building insurance since I bought the property, and my mortgage broker who set up the insurance initially will be speaking to the insurers to get the info needed for the solicitors.

 

The question I have is if the lease specifies that the insurance has to be with another company - am I in breach? When the solicitors begin their 'searches' and get hold of the lease - will they question why my buildings insurance is with another company and not with the company (via the brokers) the lease states?

 

I'm worried that this oversight will ruin me.

 

Should I open an account and start paying buildings insurance with the 'preferred' company immediately?

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I am sorry, you are not being ignored but me thinks this is waaaay over this self-help forum's expertise. I wouldn't dare to advise you on that either- all i would say is that you must consult a licenced financial adviser. You may worry over nothing but there is too much at stake to risk it.

[sIGPIC][/sIGPIC]

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