Monday, 1 August 2011

Slight hassle

An interesting conflict will need to be sorted out this morning, if we are to proceed with our house purchase. First we need to have insurance, but insurers cannot get reinsurance cover for new contracts (which they call "risks") so policies are being transferred with a house purchase. That's OK, we'll take on the policy that the sellers had.

Now for the bank, to arrange bridging finance; their admirably clear plain-English requirements include "must have a full replacement insurance cover". But here's the problem - the policy is for a fixed amount, not "total replacement", and it's the only policy we can get. I'll call the bank as soon as they open this morning and hope that they'll agree to an alteration, otherwise we'll have to shop around for alternative bridging finance. I'll be pointing out that we'll shift our other accounts as well, if we have to do this.

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