Insurances, buying a house off plan.

[Grigio Van Grigio]

I’ve been thinking about this overnight and has a bit of a Google. Obviously you can get redundancy insurance. The “trigger” for a claim isn’t unusual and it can be underwritten. The issue is with the settlement. It basically sh!t or bust. A one off insurance which will pay out nothing or £40,000. And there won’t be much call for it as there is rarely such a length of time between exchange and complete so a standard mortgage offer will still be valid when it comes to complete. As such, it’s a bespoke cover that is going to be very difficult to find, and expensive if you do.

The answer I would suggest (and I think it’s been mentioned above @Camperfamily @ash) is to ensure the standard contract allows you to novate the contract and transfer the contractural responsibilities to another buyer should your daughter be unable to complete for any reason. As the location/development is in high demand, you would hope finding another buyer should be possible.

Hope this helps in some way.

 

[The Blue Merle]

Only with new builds

 

[andyinluton]

At least they have used a flashing , incorporating the lamppost is the neatest part of that house, the brickwork on that place is awful.

 

[pjm-84]

Off topic sorry Andy.
We have just had an extension done to our 115 yr old house. We wanted to keep 100mm cavity so used brick external leaf with 90mm pir insulation, 100mm thermal block inner leaf with 37.5mm insulated plasterboard dabbed. This achieved the new spec of 0.18W per m. squared K.
We also exceeded the min floor regs by using 150mm pir.
High attention to detail re installation required but new area requires so little heating compared to the original building.

Its about being pragmatic....... the W/m2 K value is easy to understand. Its energy transfer / conductivity through the material. The W being Watts / m = Metres squared of the construction / K = Kelvin difference between inside and outside (use centigrade).

0.18 = 0.18watts per m2 of construction per temp difference between inside and outside. If you heat to 20 degrees and its 0 outside the loss = 20 x0.18 = 3.6watts per m2.....

i.e not a lot....so the difference between 0.2 and 0.18 is the square root of **** all

 

[larrylamb]

Its about being pragmatic....... the W/m2 K value is easy to understand. Its energy transfer / conductivity through the material. The W being Watts / m = Metres squared of the construction / K = Kelvin difference between inside and outside (use centigrade).

0.18 = 0.18watts per m2 of construction per temp difference between inside and outside. If you heat to 20 degrees and its 0 outside the loss = 20 x0.18 = 3.6watts per m2.....

i.e not a lot....so the difference between 0.2 and 0.18 is the square root of **** all

Certain elements of part L due to change again next year.
Insulation is not cheap but it is a one off cost unlike heating,
I guess all those 0.4wm2 will make some difference down the line with hundreds of thosands of new builds.

 

[pjm-84]

Need to educate people first and foremost......

0.4 would be a multiplication of the temp difference so whacking up the thermostat to 25 from 18 would increase the conductivity..... Hence my heating costs are relatively low

Heating water is ££££

 

[derek_j_buchanan]

So what happens when you have moved in and are made redundant? The thing to ensure is that you are confident at the time of exchange if not then don’t exchange. Also try to get exchange and completion on the same day - it happens! If redundancy is a genuine concern then step back until it is not: that could be never though. Grown up decisions!!!!

 

[andyinluton]

So what happens when you have moved in and are made redundant? The thing to ensure is that you are confident at the time of exchange if not then don’t exchange. Also try to get exchange and completion on the same day - it happens! If redundancy is a genuine concern then step back until it is not: that could be never though. Grown up decisions!!!!

Totally different scenario, we are talking about having to find a few £100k in order to complete when a mortgage offer has been withdrawn after exchange. Finding / insuring income to pay a monthly mortgage is relatively easy.

Exchange & complete on same day - never going to happen on a new build bought off plan - the house isn't ready to complete.

Redundancy isn't a concern, it was raised as a what if sort of scenario. No different to a normal sale where completion is 4 weeks after exchange & something life changing happens to one of the parties in that 4 week period.

 

[The Blue Merle]

Not great to exchange and complete on the same day. Always good to exchange asap whether you are the buyer or seller unless you don’t have the deposit