Protection

Buildings insurance blind spot could cost thousands during stamp duty rush

Rozi Jones
|
28th January 2021
Weak link unprotected protection warn
"Something so simple as having buildings insurance in place could get lost in the rush to get cases completed in time."

HLPartnership has warned that in the rush to complete property transactions by 31st March, it would be "too easy" to overlook putting buildings insurance in place ahead of completion.

As the end of the stamp duty holiday looms, HLPartnership says a simple oversight in arranging buildings insurance could end up costing buyers thousands of pounds if transactions are held up because the paperwork is not complete.

Shaun Almond, managing director at HLPartnership, said: “Every adviser has a checklist in their head of what is required for completion to take place, which in normal circumstances would ensure that nothing is missed. The stamp duty holiday cut-off date at the end of March makes this a far from normal time and something so simple as having buildings insurance in place could get lost in the rush to get cases completed in time.

“Although it is very simple to put in place, leaving it until the last minute means that with conveyancers and lender completions departments at full stretch, sending confirmation of a policy being on risk could be missed with disastrous consequences. Tens of thousands of pounds of extra cost to customers is avoided just by ensuring that buildings insurance is in place in time.”

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