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  • FIRST POST
    • Hanger_boy89
    • By Hanger_boy89 13th Mar 17, 12:00 PM
    • 118Posts
    • 8Thanks
    Hanger_boy89
    Can't insure my new build!
    • #1
    • 13th Mar 17, 12:00 PM
    Can't insure my new build! 13th Mar 17 at 12:00 PM
    It's a condition of my mortgage offer that I have Buildings insurance in place before exchange, but every single company I've tried won't insure a house until it's built. Other companies won't recognise the property address as it's so new! What do I do? Does anyone know of any insurers I can use?
Page 1
    • sultanabran
    • By sultanabran 13th Mar 17, 12:17 PM
    • 154 Posts
    • 103 Thanks
    sultanabran
    • #2
    • 13th Mar 17, 12:17 PM
    • #2
    • 13th Mar 17, 12:17 PM
    It may be different depending on lender/builder/country but I'm in Scotland and my missives with Barratt state that liability remains with them until the date of entry (completion). So I only need to have buildings insurance in place for the date I move in.

    Are you sure the condition on the mortgage offer is on exchange and not completion?
    • da_rule
    • By da_rule 13th Mar 17, 12:26 PM
    • 2,497 Posts
    • 2,226 Thanks
    da_rule
    • #3
    • 13th Mar 17, 12:26 PM
    • #3
    • 13th Mar 17, 12:26 PM
    Clarify this with your solicitor, but with new builds the condition usually does not apply, insurance would need to be on completion rather than exchange.
    • kingstreet
    • By kingstreet 13th Mar 17, 1:24 PM
    • 32,054 Posts
    • 17,156 Thanks
    kingstreet
    • #4
    • 13th Mar 17, 1:24 PM
    • #4
    • 13th Mar 17, 1:24 PM
    You usually cover the building from exchange of contracts but not on a newbuild where the builder retains the risk until completion.

    Ask solicitor to check with builder's solicitor.

    This is probably a result of a poor copy & paste from a non-newbuild client's document.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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