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Slave to Covenant and indemnity insurance?
Hi all
I have a question about this big headache called COVENANT. Well my aunt bought this house recently and after she bought it she found out there are a lot of covenants on the property and she stuck with it as she can not do any improvement the way she needs and like it, on the other hand the insurance company told her you can get an indemnity insurance against it and do improvement you like(of course according to the planing permission), but when my aunt said she can try and find out who are the benefactors of the covenant and settle the matter with them one way or another she got an unexpected reply from insurance company and that was if she try to do it then it'll automatically cancel her indemnity insurance.
Now the question is why the insurance company afraid of this?, is it too difficult to find the covenant benefactors and settle with them? specially when she found out that the covenant was first belonged to a big company which bankrupt and the company bought by another company which after a while was bankrupt as well and so on by the fourth company. This is her life saving after 40 years and as she said she likes to retire and spend the rest of her life without headache or worrying.
I'll appreciate any insight and solution to this.
Kind regards .
Thanks,
Sean.
I have a question about this big headache called COVENANT. Well my aunt bought this house recently and after she bought it she found out there are a lot of covenants on the property and she stuck with it as she can not do any improvement the way she needs and like it, on the other hand the insurance company told her you can get an indemnity insurance against it and do improvement you like(of course according to the planing permission), but when my aunt said she can try and find out who are the benefactors of the covenant and settle the matter with them one way or another she got an unexpected reply from insurance company and that was if she try to do it then it'll automatically cancel her indemnity insurance.
Now the question is why the insurance company afraid of this?, is it too difficult to find the covenant benefactors and settle with them? specially when she found out that the covenant was first belonged to a big company which bankrupt and the company bought by another company which after a while was bankrupt as well and so on by the fourth company. This is her life saving after 40 years and as she said she likes to retire and spend the rest of her life without headache or worrying.
I'll appreciate any insight and solution to this.
Kind regards .
Thanks,
Sean.