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Property Insurance

Property Insurance

Why should you check building regulations when buying a house?

17/04/2017

The buyers often think that a property with subtle design and work is a great investment. Once the conveyancing is done, and the land registration completes they are out of the furnace. However if you aren’t stringent in checking every aspect of the house properly, it would be a fool’s paradise. A seller must understand and fulfil building regulations but it’s buyers responsibility to verify the regulations are met. The conveyancing solicitor should make it easier to confirm if the house confirms to proper building regulations. Do you wonder why you need to know the regulations? Here are the reasons.

Building regulations control proper housing standards

The very first thing is to understand the rules. The local authority has the responsibility to oversee the building regulations. Most of the repairs don’t need building regulations approval, you can check Gov.uk site to check what does require approval. So, anyone who is renovating or working at the house by changing the specific elements must seek approval from the authorities. Some of the changes that require building regulations approval are:

  • replacing fuse boxes
  • bathroom with plumbing
  • replace, install or add additional heating system
  • add fixed air-conditioning machine
  • electric appliance around bath and shower

Modifications that do not need building regulations approval are:

  • Maintenance work for most small repairs
  • addition of lighting points to existing circuits

It always helps to check with your local authority to verify that the changes made by the seller are authorized by the local authority. The local authority must verify the plan and ensures that the plan complies with the permissible law. However, people often do not seek permission for the minor changes like plumbing or shower installation. However, these changes have an impact on the drainage, and that comes under the local authority.

Now, as per the Section 36, Building Act 1984, the local authority can stall the work if no approval is sought or serve a notice to put back the design as the original. This can be done within 12 months of the completion of the job. The most significant part is that the local authority does not bother whether the current owner changes the design. So, if a buyer purchases a property from a seller who did not seek approval, they should pay the price when local authority serves the notice.

What to do?

The buyer and the solicitor of the buyer must ensure that all prior approvals were sought from the authorities by the seller. However, if not, then the seller must pay the cost if the authorities ask for any change. It is not always possible to catch hold of the seller, so the buyers often transfer the risk to the insurance party. The insurance premium is quite low for this and can become very helpful for the purchaser if this situation happens. A solicitor is an expert on the building regulations, and he or she must ensure that the rules are followed.

This is not always a conveyancing cost, but the cost may hamper the planning of the buyer dearly. This is the reason; building regulations when buying a house must be verified. A good solicitor or conveyancer from the established law firms like NBM Law Firm should be contacted for better result and smoother experience. It is also good to do some research on the building regulations before purchasing. 


What you need to know about home renovation insurance

14/02/2017

Home renovation insurance protects homeowners from the risks that are associated with improving a home. Home improvement is a duty that every owner must undertake from time to time. This responsibility is felt more by freeholders. Freeholders are expected by law to perform major home repairs such as the construction of roofs, strengthening of pillars and insulation of walls. These tasks carry their own risks. Homeowners usually focus their minds on improving their homes rather than the potential risks that can befall the house during improvement. A home is usually very vulnerable during improvement. Its foundations are weak, its roofs are leaky, and it is open to people who cannot be fully trusted. That purpose of home renovation insurance is to protect homeowners from financial losses that come with home reconstruction.

Why do you need home renovation insurance?

Buildings, especially houses, can easily catch fire during renovations. Houses are usually supplied with gas and electricity. These are the biggest fire hazards. Workers may ignore gas leak warning signs or encroach on electric fuses that are easily short-circuited. A pole of brick may also cut electrical wires and cause fires. Some tools that are used during home renovations are other potential causes of house fires. One of these is the welding machine. A welding machine carries highly inflammable gases and produces thousands of degrees of heat. The smallest carelessness in the use of a welding machine can cause dangerous fires. A standard fire insurance cover does not protect property from those fires that occur during renovations. These have to be insured separately if the owner wants to be in a peace of mind during the renovation of his home.

What do home renovation insurance cover?

Houses are in danger of destruction from natural causes during renovations. Roof repairs leave ceilings and tiles at the peril of wind. High winds can easily blow off a roof that is only partially covered. A partially covered rooftop offers resistance to the flow of wind. This resistance leads to a build of energy that eventually causes the roof to be blown off. Rains may also cause discoloration of ceilings and rusting of the home appliances that are made of iron. These are events that are never preplanned by homeowners. The owners usually focus on repairing a given structure without giving much regard to potential collateral damages of other structures. Insurance firms have come up with various covers for damages that are caused by natural disasters. Winds and rain are just examples of these disasters. Others are floods, earthquakes and landslips.

Homes that are being renovated are usually very open to thieves and vandals. Even the workmen themselves cannot be totally trusted. They may be tempted to steal a thing or two from the house. The last thing on a home owner’s mind is losing his properties when he is doing home renovations. The homeowner expects everything to be better after repairs, and not be accosted by expenditures that occur because of theft. There are insurance policies that will protect you from the financial losses caused by theft during a home renovation.

Getting empty property insurance

23/01/2017

House insurance covers homeowners from financial losses due to potential threats to their properties. Threats can present themselves in the case of fire, water flooding or burglary. Referred to as insurable risks, they are popular in the UK. The homeowner is compensated for any damages caused by the insured risks. Most insurance policies cover houses that are occupied. There are very few empty property insurance policies.

Insurance companies assume that the homeowner will be at home or within reach when the damage occurs. This is because most damages are caused by humans who are either negligent or have malicious intentions. The insurance companies assume that the homeowner will be available to prevent some of the damages. Homeowners are not expected to be careless simply because their properties are insured. They must participate in risk aversion. Risk aversion keeps the companies from spending money on things that could be avoided.

The maximum amount of time that most insurance companies can allow a house to be empty is thirty days. Any damages occurring after this period of time cannot be compensated for. The policy that limits the insured’s movements can be very inconveniencing to homeowners who travel a lot. People who travel for business or holidays stand a risk of losing their properties if they stay out for more than the stipulated amount of time. The problem with empty house insurance is not limited to those travelling. Sellers sometimes have to put their properties in the market for a long time before getting a buyer. Conveyance may also take longer than the period allowed by the insurance policy. This puts the seller at risk of losing a property that is damaged while still on the market or during conveyancing.

Empty properties in the UK

Over 700 000 houses in the UK are empty. This is a large number considering the fact that the UK is still experiencing problems with housing. Chances of having a squatter take advantage of a house are high. The squatter can misuse the property and cause massive financial losses to the owner of the building. Some insurance firms have come to terms with the need for homeowners to stay out of homes for a long time. Some of these companies have extended the periods of absence to sixty days, while other others ninety days. However, many homeowners still consider this extension inadequate.

Terms of Empty Property Insurance

There are terms that homeowners must fulfil for the period of coverage to be extended under the existing policy. The owners must regularly visit the property. This helps ward off squatters and vandals. The homeowner must also add extra security to the property. He must seal letter boxes to prevent theft of mail. Entrance to the house must be protected with alarm systems and secure doors and windows. Any valuable must be removed from the home and kept in a different storage place. The homeowner must also switch off all utilities. Water leakage is one of the leading causes of flooding in properties. Therefore, pipes should not be left running. Electricity has to be switched off to prevent fires.

Empty property give you an assurance of safety in case of a unpredictable loss. There are however terms that you will have to agree and follow. If you stay away from your home or are travelling a lot, this could very well be a good time to see if your insurance provider can offer you empty property insurance.

Why is it so important for Solicitors and conveyancers to have Professional Indemnity Insurance?

31/07/2015

What is Professional Indemnity Insurance ?

It is held by an expert individual to guarantee that any cases of expert carelessness made against the expert individual can be met. To put it another route, there is very little point in suing an expert individual on the off chance that they don't have enough cash to pay for your misfortune – so proficient repayment protection comes into spread the expense.

At the point when the time comes to experience the conveyancing process as you're purchasing or offering a home, you'll need a qualified conveyancer to help you. There are a few distinct qualities to search for in a conveyancer, for example, a permit or enrollment with the proper nearby powers. Another quality to search for is regardless of whether the conveyancer has Professional Indemnity Insurance/proficient repayment protection. This sort of protection is taken out by a business and aides secure them against misfortune for occasions which may emerge because of their demonstration of carelessness, slip, or oversight.

Why is it important?

Much of the time this will be held by expert organizations or people, including land operators. Professional Indemnity Insurance, whether it's utilized by a conveyancer or solicitors helps take care of the expenses or costs of guarding a lawful case. It can likewise be utilized for any payable harms. When you pick a conveyancer with this sort of protection, you can make certain that they will have the capacity to pay you these harms ought to any accidents happen because of their carelessness. It ensures both the expert and the customer.

Important for Conveyancers

The lion's share of conveyancers will likewise convey Professional Indemnity Insurance, on the grounds that this is a necessity of the enrollment or capability that they must experience with a specific end goal to turn into a conveyancer. In the event that you are considering procuring a conveyancer without expert reimbursement protection, then they more often than not will be not taking after other state or region conveyancing regulations either. This would be a noteworthy warning.

Important for Licensed or Authorized conveyancers

On account of an authorized/licensed conveyancer, Professional Indemnity Insurance will just meet a case of carelessness where the licensed conveyancer has neglected to appropriately perform conveyancing work to the standard of a sensible and skillful authorized/licensed conveyancer. At first look, this may be of some solace to the customers of authorized conveyancers, be that as it may it likewise raises an issue concerning lawful work, especially legitimate guidance.

In the event that,, the authorized conveyancer gives lawful exhortation, yet misses the point, the back up plan won't meet a case in view of the subsequent misfortune. This is on account of the safety net provider won't cover unlawful acts.

Important for Solicitors

It's a legitimate prerequisite that all solicitors/specialists convey Professional Indemnity Insurance/proficient repayment protection. On the off chance that you choose to utilize a specialist to do your conveyancing procedure, you can rest guaranteed that they will be protected. This is needed before the specialist /solicitor can have a present honing testament issued, so one approach to verify that your specialist is protected is to request their rehearsing declaration. On the off chance that they have a present testament, this is verification that they additionally have Professional Indemnity Insurance.

Ask them for confirmation

Despite the fact that it is mandatory as a rule for a conveyancer to hold Professional Indemnity Insurance/proficient reimbursement protection, it can't hurt to approach them for affirmation. This will guarantee that you are secured in the occasion of any slips or expert carelessness.

If the conveyancer doesn’t have it

Their conveyancers permit will be consequently suspended or crossed out in the event that they are not secured by expert repayment protection.

Besides, if you are interested in online conveyancing visit at this site https://www.nbmlaw.co.uk/.