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Insurance Premium Refunds Arising on Mortgage Redemptions
When houses are sold vendors normally cancel their home insurance and obtain a refund in respect of the unexpired period of cover. In certain cases insurance cover is arranged and paid for through the lending agency which provided the finance for the purchase of the property. In these cases does anyone think of obtaining a refund?
The Conveyancing Committee takes the view that the application for the refund is a matter between the client, the lending agency and the insurance company.
However, practitioners may wish to bring the point to the notice of their clients.
