The importance of financial support from parents for young people buying their first property has continued to grow in recent years, and whether or not you like the term, most of us are familiar with ‘the bank of mum and dad’. But, a study undertaken by the Bank of England has revealed the true scale of this parental support.
Product articles
Below you’ll find articles or communications we’ve issued which are related to our Insolvency Act indemnities.
When the Insolvency Act was first introduced in 1986, it was to prevent property owners deliberately transferring their assets to a family member or close associate to avoid creditors.
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.
Feedback from customers is always welcome, and solicitors often also pass on lenders’ views, which have recently been the catalyst for some changes to our lender-only products.
We’ve recently introduced some improvements to existing cover as well as some new products as a result of feedback from solicitors.
We look at some of the most common questions posed to our underwriters.
Almost 30 years after the Insolvency Act was introduced, there's still a need to protect innocent parties from losing property, or substantial sums of money, due to circumstances totally beyond their control.