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Renovation without financial worries for Shared Ownership Schemes

News
02 May 2016

 

Do you belong to a Shared Ownership Scheme/Are you co-owner of an apartment or another real estate and is it planning a renovation of the common areas? ADD is introducing an insurance policy for co-owners. This is how you protect yourself against a defaulting co-owner!

From now, a Shared Ownership Scheme can insure itself against defaulting co-owners. Insurance architect ADD has designed this policy in order to protect the Shared Ownership Scheme and all co-owners against another co-owner who remains in payment default of a communal loan.

Payment security for the Shared Ownership Scheme can be taken out in combination with a renovation loan when the communal areas of a shared property need renovating. In its “2020 Energy Renovation Programme”, the Flemish Regional Government is imposing stricter insulation standards for co-owned properties. In practice, this means that, should one not comply with the standards of this programme, one could risk to no longer be allowed to rent out one’s property. The SO scheme commits itself to the renovation loan as a legal entity, and takes out the “Payment Security Insurance Policy for SO Schemes” by way of surety.

KBC, which belongs to KBC Groep NV, as does ADD, is introducing a renovation loan for Shared Ownership Schemes at the same time.

Questions? Interested? Do not hesitate to contact our specialist…. Or your trusted contact with us or with KBC.

 

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