New Forfeiture of Lease policy option launched[01/08/2017]
We’re pleased to tell you that, following a number of requests, we’ve introduced a new Forfeiture of Lease (Housing Act repossession) indemnity for lenders only.
Due to conflicting legislation and out-of-date rent thresholds, lenders on leasehold properties face the risk that borrowers owing ground rent could be evicted using the much quicker process permitted for tenancies under the Housing Act.
To provide protection in such a scenario, our policy covers the lender for legal costs in defending a claim, and any shortfall in the outstanding debt under the mortgage, if the landlord re-enters the property.
Premiums start at just £42 of a limit of indemnity of £50,000. If you’d like an online quote, click here. Alternatively, for more information, please contact us on 01603 617617.