Re: Serious delays in signing-lost deeds and solictors not helping

[sulo]

We have everything in place, and were set to move in, and were informed that the Insurance company are further investigating our Insurance application. We applied mid March. We found this out 2 days before we were to move in. A week later, we still have no idea if we have Insurance.

Our hands are tied.

Everything else is done, this is all we are waiting on.

We haven't been served with a 28 days notice or anything like that, but we have received threatening calls i.e estate agent advised we will be charged for interest etc....

 

[redo]

First thing to do is RELAX. These things happen all the time. You will be amazed how much work/progress can be achieved in a day or two

 

[sulo]

I wish I could relax.

Does anyone know if we can be penalised for this delay, which is out of our control?

 

[mf1]

Does anyone know if we can be penalised for this delay, which is out of our control?

What exactly is the problem with the insurance? It may be out of your control but it is your problem - not the vendors- and you just need to get it sorted. If it can be sorted in the next few days, then well and good. You may get hit for interest and your vendors are entitled to look for it. Equally, it may get sorted and if it does not, then the vendors have a number of options. They have not yet issued the 28 day completion notice so they are giving you some leeway.


mf

 

[redo]

Is it life insurance, if so, you can still go ahead but you will pay an extra charge for the short term until problem is rectumfied.

Building insurance is a different matter

 

[sulo]

It is life insurance.

 

[Sarah W]

Unfortunately if you have been declined, deferred or rated by one insurarance company you must not only disclose the fact it will be held on a register anyway. You need to find out where the hold up is - is it your GP or a specialist's report. Delays by the insurance companies are rare but medical reports being held up is all to common.

There. And not a snipe in sight.

Sarah

www.rea.ie

 

[sulo]

Thanks for your comments.

 

[sulo]

Re: Ready to move in but life cover not in place

Thanks to the moderator for moving this on its own, I will duly do this in future.

Good news - we have finally got an agreed premium, policy to be drawn up soon.. However, they have put a huge loading on. We will have to take it as is, so we can close the deal, but will be looking IMMEDIATELY to get cover elsewhere.

Thanks to all those who responded.

 

[sulo]

You may get hit for interest and your vendors are entitled to look for it. .


mf

How are they entitled to, and when does that come in to play, and who enforces that? I would assume it would have to be some significant delay to proceedings, which this isn't.

 

[asdfg]

Re: Ready to move in but life cover not in place

I know this is a little late but for others reading this you may qualify for an exemption under the [broken link removed]
If any problem contact the consumer association and see if they can help.

 

[mf1]

Re: Ready to move in but life cover not in place

How are they entitled to, and when does that come in to play, and who enforces that? I would assume it would have to be some significant delay to proceedings, which this isn't.


You signed contracts ( formal legal and binding) and you agreed on a closing date. You have missed that closing date. This is not the fault of the vendors - it is your problem. You may be in difficulties but I stress that that is your problem - not the vendors.

In retrospect ( I know - always a great vantage point) perhaps because you have had life insurance issues before, you should not have signed contracts until your life cover was in place.

Under the standard terms of the contract, the vendors are entitled to serve a completion notice requiring you to complete within 28 days , and reserving their remedies. They can charge you interest once they serve that notice.

I see you now have cover - you need to push and shove on it to get it in place.

mf

 

[nt00deep]

Re: Ready to move in but life cover not in place

I don't understand why your solicitor would have allowed you to sign contracts in the first place without the life cover being in place.

 

[asdfg]

Re: Ready to move in but life cover not in place

I don't understand why your solicitor would have allowed you to sign contracts in the first place without the life cover being in place.

There are a number of exemptions in place under the [broken link removed]
If you qualify, afaia, you do not need mortgage protection cover and can apply for an exemption / waiver under the act.

The mortgage company is only protecting its own interest on insisting on mortgage protection. I bought a house in the eighties and I did not need mortgage protection. They are not going to kick out a young family on the streets. Bad publicity and big profits come to mind.

Having said the above I would encourage all to get some form of mortgage protection cover or seperate life cover to cover the above eventuality.

 

[sulo]

Re: Ready to move in but life cover not in place

In retrospect ( I know - always a great vantage point) perhaps because you have had life insurance issues before, you should not have signed contracts until your life cover was in place.

My partner has an existing policy IN PLACE with the Insurance company, and they had already done the same research, the health issue is historical was never Chronic and is not now!! We're baffled. We just applied as a joint applicaton

Under the standard terms of the contract, the vendors are entitled to serve a completion notice requiring you to complete within 28 days , and reserving their remedies. They can charge you interest once they serve that notice. -

We have not been served any notice, just threats. And if they serve us that notice, they will have to sue us, got to District court and probably get a few quid. As we have not run over, by weeks, we're talking days.