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    • Elsterap
    • By Elsterap 14th Jul 17, 4:11 PM
    • 92Posts
    • 35Thanks
    Buying House Insurance Before Contracts Exchange
    • #1
    • 14th Jul 17, 4:11 PM
    Buying House Insurance Before Contracts Exchange 14th Jul 17 at 4:11 PM
    I am in the process of buying my first house. It is currently in the conveyancing stage.

    I just followed Martin's guide and got a quote for £102 for house insurance and then saw that company has £70 topcashback on a new policy. Therefore it seems I could get insurance for potentially £32.

    However, I do not know the date we will exchange contracts yet and the topcashback expires in 3 days.

    Should I buy it now and use a much earlier start date so that I can get the deal?

    I would effectively be saying that I owned the property when I really didnt.
Page 1
    • Quentin
    • By Quentin 14th Jul 17, 4:18 PM
    • 34,761 Posts
    • 18,785 Thanks
    • #2
    • 14th Jul 17, 4:18 PM
    • #2
    • 14th Jul 17, 4:18 PM
    You don't "own" the property at exchange either - but must insure it from then (assuming not a new build)

    Ask your solicitor for an estimated date for exchange.

    Usually when TCB say expires in x days it relates to the amount rather than the merchant stopping cashback altogether
    • britishmisk
    • By britishmisk 14th Jul 17, 4:23 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 14th Jul 17, 4:23 PM
    • #3
    • 14th Jul 17, 4:23 PM
    If your mortgage offer requires you to take out home insurance, which is a common request, the policy needs to start from the date of contracts being exchanged. Your conveyancer will let you know what date that is when they have all the relevant information.

    The conveyancing stage can be one of the most precarious times in the process of buying a house, there are a number of things that can go wrong and you may never know the purchase will not go through in the end (as I experienced a couple of times in the last year). Personally I would wait for an exchange date. If you buy it now you don't know when the contracts will be exchanged, that might be a while away and you took out insurance for a period of time that you didn't need it and it will expire before a whole year has passed.

    From experience I've found these cashback deals will go away for a while but then come back pretty quickly, it may be when you do get your exchange date the cashback deal will come back, or you may find a better one.
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