Post by hazellend on Oct 22, 2018 20:56:30 GMT
Finally some good news, communicated well
We now have some updated information regarding the ongoing discussions with the insurance company regarding this property.
The insurance company had originally made an offer of £15,000 to settle the claim which we felt was too low and not sufficient to accept. As a result, we went through various appeals processes (solely at our cost) and can report that we have managed to increase the pay-out to £58,000.
We applied to RICS to appoint an independent valuation firm and now have the report from the "Single Joint Expert" who have agreed on the loss in value for HMO use versus single dwelling use and have submitted a planning application for C3 residential use, via our planning experts.
If we do secure planning for C3 use, we have now confirmed an indemnity payment for the loss in market value of the property at £53,000. We also retain the offer for a further £5,000 to be paid on an ex-gratia basis, for use towards renovating the property for C3 use. On the basis C3 planning is achieved, the total payment of £58,000 will be in full and final settlement of the claim, including any costs associated with the current planning application.
Payment is usually within 5 days of planning being achieved and will be used in the calculation of the share value as part of the move to UK Diversified Property PLC so you will receive the full value of the payout.
This has been a long process and we thank you for your patience. As you can see, the time taken has been worthwhile as the insurance company have been pushed into meeting the claim rather than their original offer.
We now have some updated information regarding the ongoing discussions with the insurance company regarding this property.
The insurance company had originally made an offer of £15,000 to settle the claim which we felt was too low and not sufficient to accept. As a result, we went through various appeals processes (solely at our cost) and can report that we have managed to increase the pay-out to £58,000.
We applied to RICS to appoint an independent valuation firm and now have the report from the "Single Joint Expert" who have agreed on the loss in value for HMO use versus single dwelling use and have submitted a planning application for C3 residential use, via our planning experts.
If we do secure planning for C3 use, we have now confirmed an indemnity payment for the loss in market value of the property at £53,000. We also retain the offer for a further £5,000 to be paid on an ex-gratia basis, for use towards renovating the property for C3 use. On the basis C3 planning is achieved, the total payment of £58,000 will be in full and final settlement of the claim, including any costs associated with the current planning application.
Payment is usually within 5 days of planning being achieved and will be used in the calculation of the share value as part of the move to UK Diversified Property PLC so you will receive the full value of the payout.
This has been a long process and we thank you for your patience. As you can see, the time taken has been worthwhile as the insurance company have been pushed into meeting the claim rather than their original offer.
