We look at some of the most common questions posed to our underwriters.
Q: Why is your contaminated land policy not provided in perpetuity?
A: Our cover is not provided in perpetuity as it is necessary to re-assess the risk of contamination after a reasonable length of time. The policy we offer to homebuyers is for a 15 year period of cover, which is the best currently available. However, for lenders, cover is extended to the full term of any mortgage or charge completed during the 15 year policy term.
Q: My client is buying a property, and I'm uncertain whether the developer complied with the original planning conditions and section 106 Agreement when the property was built. Do you have a policy to assist in this circumstance?
A: Yes we have. Sometimes, due to the sheer length of time since a property was built, it can be difficult to obtain categoric confirmation from the local authority, as to whether the original developer complied with conditions contained in a section 106 Agreement or planning consent for development of the property and overall estate. Or there may be delays in obtaining these records, which can cause setbacks in the conveyancing process. In instances such as this, we can provide cover for potential breaches and subsequent local authority action.
Cover is for the buyer, their lender and successors in title, and is offered providing that the planning conditions are a minimum of 5 years old, there has been no dispute with the local authority, and the property was built at least 4 years ago.
Q: Can you offer town and village green registration cover on a pre-planning basis?
A: It is definitely something we can consider. Following the introduction of the new 'trigger point' in the Growth and Infrastructure Bill whereby a town and village green application for development cannot be submitted once a planning application has been publicised, we've received a few requests to provide cover for abortive costs incurred in the period leading up to the submission of the planning application. Cover would be of particular benefit where a developer is spending a lot of time and money putting a planning application and proposals together, and the development involves a number of interested parties who may suffer a financial loss in the event of a town and village green application.
If you have any questions that you'd like to pose to our experts, please drop us a line via email@example.com.