Surely I am not the only landlord worried about new EPC requirements?9:44 AM, 17th February 2021
About 2 weeks ago 128
We are a portfolio landlord and due to the current S21 consultation we are disposing of some of the portfolio as they become vacant. Inevitably properties need a quick tidy up before being marketed.
Our current insurer (Hamilton Fraser) claim they offer 3 months full cover after a property becomes vacant, before it reduces to basic cover with an increased excess. However, we have found that even carrying out minor works, before placing the property on the market for sale, such as replacing a kitchen and redecorating, results in cover being reduced immediately. Even after the work has finished (in this instance the works took less than 3 weeks from start to finish) they will not reinstate full cover. In any case, even if we don’t carry out any work, unless we sell at auction it is very unlikely that we can find a buyer and complete the transaction within 3 months of the tenant vacating. We have asked HF if it would be possible to pay an additional premium to maintain full cover on empty properties, but they don’t offer this service.
Do any property 118 members have suggestions for alternative insurers who provide what we need or is it just normal to have cover reduced to Fire, Lightning, Aircraft and Explosion when selling an empty property?
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