intouch

We understand that lenders increasingly request cover that protects their loan security, and the impact that these requests have on shaping products in the legal indemnities market.

We understand that lenders increasingly request cover that protects their loan security, and the impact that these requests have on shaping products in the legal indemnities market. To address specific emerging trends and concerns from lenders, we have added the following lender-only policies to our already extensive range:

• Estate Rent charge – to enable the transaction to go ahead, our lender-only policy provides a solution for lenders who are cautious about providing a mortgage on a property that is subject to estate rent charges, and protects them if the borrower defaults on their mortgage.
• Community Infrastructure Levy - the lender is protected if the local authority takes enforcement action against the homeowner for outstanding payments (past or future) under the Levy, and the lender is left with a payment demand if the borrower defaults on their mortgage in the future.
• Insolvency Act – We have a number of policies to cater for the range of different transactions, including a stand-alone parental help to buy product. Our cover can be provided to protect a lender against losses that may be incurred as the result of property being transferred from an individual landlord to their limited company for no consideration, and the risk of the transfer being set aside if the landlord subsequently goes bankrupt.

We keep our ears firmly to the ground to learn about changes to property law and developments in the conveyancing industry. If a lender asks you to arrange cover that you’ve not previously heard of, just give us a call on 01603 617617 and one of our underwriters will be happy to discuss how we can help.