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Selling rental property - insurance etc

7 replies

123NorthWest · 18/08/2024 17:57

Please do any landlords who’ve sold have any advice? Considering selling our rental property when tenant moves out. Will normal landlord insurance policies generally allow it to be empty til sale completes?
thank you

OP posts:
Costacoffeeplease · 18/08/2024 18:13

You need to advise them that the property is empty and there may be a small surcharge. Mine asked me to check it once a week/turn off utilities unless in winter when you have to leave the heating on at a minimum level

123NorthWest · 18/08/2024 18:26

@Costacoffeeplease thank you so much for your reply. Please can I ask which company?
Was there a restriction on how long it could be empty and did they know it was going to be sold rather than re-tenanted?
sorry for all the questions! We are undecided on selling and trying to think it all through and all the possible extra expenses etc

OP posts:
Whatevershallidowithmylife · 18/08/2024 18:35

You need proper vacant insurance. I highly recommend Towergate - absolutely not cheap but do refund the amount gor the term not used. Remember the property is not vacant as between tenants.

Costacoffeeplease · 18/08/2024 19:33

Yes they knew it was for sale, it was Direct Line. It was vacant for about 4 months while the sale went through

123NorthWest · 18/08/2024 19:43

@Costacoffeeplease brilliant thank you! I was worried it would be a 60 day limit. Was this recently?

OP posts:
Costacoffeeplease · 18/08/2024 20:07

Yes, nov last year to March this year

Travar · 18/08/2024 20:13

When I sell any of my rentals, I end the LL insurance the dsy of tenant move-out and take out a new building & contents policy via AXA or Towergate; I get a few quotes.

You'll need to phone for quotes just to ensure they understand the circumstances.

Usually a minimal cost, and then the property is insured up until it's sold.

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