Re-sign or Get Out

Um, excuse me, but I am on topic and know precisely what they are talking about, not as wet behind the ears as some no doubt.

You obviously however have not had to deal with that many insurers nor read many PDS's.

Also your insurance needs as a tenant are not of a LL concern, but I took that as meaning the LL should only insure with what would suit your preference.

Why be unreasonable with a lease renewal ? this is probably the point, and yes, I fully understand the other way round to as per Simon's post.

 

Corey and Wylie have both experienced otherwise as mentioned earlier

 

Wow, really ? I got to Simons post and was sidetracked by above and some domestic chores......

I will go back and read, but if a tenant went from a fixed term to a periodic, you still have a lease, so it would seem odd. I have done one major and many smaller lenders for years (decades) and not once needed this.

PS Seems they were self managers ? Maybe that is the trigger, I would be surprised if it happened in a normal application with most lenders if you have PM statements and they can call PM etc, unless your application is in the middle of an audit.

 

I would suggest you re-read Xenia's post

Sign or get out would be our office policy too due to insurance.
Off course only under landlord instructions always, but it would be what our office advises landlords.

and my answer

Then as a LL I would being telling your office to sort out a new insurance policy to suit my requirements.
Much cheaper and easier sorting out insurance than a new tenant.

You seem to be confused, both posts only ever refers to the landlords needs not the tenants.
New landlords insurance can be taken out with a periodic lease in place in the situation being discussed here.

 

Again, you think I have no clue. But your right, I did not read her post correctly and was more thinking that wording may have been objectionable (which seems is true), anyways.......

Ok, you go and get your new LL policy while on periodic then, good luck at claims time. Xenia I am sure probably did not mean it to sound so harsh, but was expressing how they would advise a client (and yes, get it, you take objection to that)

You see, I am not focused on one part of this discussion, and I am not one one side nor the other, I am replying from a holistic point of view, and either way, from an insurance point of view alone with some specific insurers, this is how you may need to deal with it & no, you would not be able to change insurers and have cover once in the OP's situation, too late then !

Now, instead of picking me apart due to not being on topic or not reading the OP or Xenias posts properly, maybe you can indicate the insurers that will allow you to change when your on periodic already and give full cover, you may even teach me something instead of the giving being only one way so far ?

PS the actual insurers you know for sure who do and is the level of cover the same ?

 

Have spoken with EBM and Terr Sheer both will allow you to take out LL insurance in the situation
being discussed here.

 

Interesting, do they but ? So you have no written lease at all, your buying a place with a periodic tenant, do they offer insurance with full cover at the same price, or some penalty ? I have not checked the PDS's recently.

This is the thing with insurance, there is usually gotchas, if you try and buy online now you will find it will ask if you have a written lease, after being through this before, my understanding is the full cover is only if there is first a written normal lease, it can be let go to periodic, periodic is not known as a written lease.

maybe @brettc can tell us for sure

there are any number of insurers that give very poor cover or not cover some things at all if tenant is periodic. I can quote one below as an example, and in the situation being discussed here, who knows if the LL is even aware of these 2, that is an unknown.


1.
If your tenant stops paying the weekly rental
amount during the term of your written rental
agreement, or periodic rental agreement, and
during the period of insurance
but does not
leave
, we will pay the weekly rental amount for
a period:
–
up to
15
weeks if you have a written rental
agreement;
or
–
up to
2
weeks if you have a periodic rental
agreement.

 

dabbler,
it would seem you are utterly confused, there has been a long term lease in place and now that this lease is coming to an end the OP would prefer a periodic lease
Both EBM and TS. will insure this situation.
Why you refer to "So you have no written lease at all" I have no idea as this is totally irrelevant
to this thread so I'll refer you back to my earlier reply to you

Suggest you read the title and opening post and get on topic, the fixed lease is in place then moving to a periodic lease absoulutely nothing to do with insuring after the event.
Most insurers cover this situation

 

no, not confused at all, as said, looking holistically, not just at the one situation, the OP problems solved, why would I be stuck on a problem that is fixed ?

I refer to something that effects many, others can learn from these things, it is not just about us knuckling it out over one specific section/s.

Anyway, off for now.

 

dabbler
happy to look at your reply to my quote holistically, so others can learn.
-it is not like a car crash
-you are not insuring after the event
-you can start insuring with a periodic lease in place( the fact that your knowledge may not be complete or up to date should not mislead others reading this thread).
I spoke to both EBM and TS, this is their answer
EBM insurance is available for periodic leases with out a prior long term lease being held.
TS Insurance is available for periodic leases if there has been a prior long term lease.

 

Oh gawd, Holistically does not mean you and me in a bubble with select insurers, anyways, I cannot say otherwise.

If you insure and an insurer takes your money & a non covered event happens, then it will not be paid out, so, you better be sure what you think is covered actually is, and, my reason for posting is exactly this, a lot mix these things up turk

PS I spoke to a lot of insurers too that said xyz when it was really ABC.....

 

I personally wouldn't let it go to periodical, our tenant was building and said they may need 4 or 6 weeks extra. I said a 3 month lease, only cost me the 39 bucks for smoke alarm test. I wanted to know exactly when I would be paid till and what date I had to be free to go in and clean and repair anything. They needed the whole 12 weeks.

 

I personally have no problem with periodic leases... only a handful of mine are on fixed terms, rest are on periodic. My insurer (EBM) has no problem with periodic, and I dont allow tenancy end dates dictate my schedule of events.

Houses and tenancies are cogs in the wheel for me in a wealth generation strategy, so long as the rent rolls in and the expenses go out, thats as invested as I get day to day. People ask me sometimes why I dont self manage... because I have more interesting things to do with my time

 

Thanks

Reason enough to move to EBM at this renewal

 

EBM/terr sheer are one & the same PDS. Insurable events relating to loss of rental income, rent default etc, an insured is not disadvantaged under this PDS when having a periodic lease in place with their tenant.

Dabbler is fine by wishing to ensure readers know the MAJORITY of LL insurance policies will disadvantage policyholders who have tenants on periodic lease as, whilst there may be some level of 'cover' the benefit periods may be significantly reduced.

Get that this OP has had his situation sorted & it started as a periodic lease v resign fixed lease query.