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One of the most egregious examples of these risks becoming a reality are the abandoned properties lining so-called Billionaire’s Row in Finchley.
One of the UK’s most expensive streets known for its multi-million-pound Georgian mansions owned by celebrities, sultans and oligarchs – The Bishops Avenue has been in the headlines over the last couple of years for all the wrong reasons. Many properties have been bought up by developers and foreign shell companies, some left to rot. Empty mansions have attracted squatters and curious urban explorers; weather and wildlife. In July 2023 one of the derelict mansions went up in flames and destroyed its roof.
Insuring the property
But these are the risks that face any residential properties left unoccupied for extended periods, many of which are probate properties awaiting sale. Whatever the nature, value or size of the property - those legally responsible for it must ensure suitable unoccupied property insurance is in place.
Probate practitioners are reminded of Watchman- unoccupied property insurance -designed specifically to cover the risk of unoccupied residential properties.
Remember that probate delays are still holding up the sale of empty properties, and buyers are going to want to know the history of the property - including any issues relating to its condition, such as whether squatters or vandals have accessed the property. Robust property insurance is vital.
Importantly, Watchman cover is simple to arrange and highly cost-effective and (unlike other policies), Watchman’s policy usually covers risks including malicious damage and subsidence. The property will need to be checked every 30 days, a much less onerous requirement than other policies that expect a check every 7 days.
Many other unoccupied residential property insurance policies also demand payment of an upfront premium, which can exacerbate any cashflow issues. There is no such requirement with the Watchman policy – only a small initial deposit is required for cover to be in place.
Cover is calculated at a fixed daily rate; and the full insurance premium is then paid on completion of the sale or (if earlier) within 12 months. Also, there are no hidden charges or cancellation fees.
With insurance in place, the executors and trustees continue to have a duty check for and identify any potential risks that may arise. That could be arranging for regular practical checks of the property, disconnecting water and gas, removing valuables from external view and sealing letter boxes and cat flaps. These practical steps should not be forgotten.
For more information and a quote, contact us here.
Watchman cover can be arranged on the same day by telephone from a friendly and knowledgeable team.
