copy of buildings insurance schedule before proceed

donna1975

pawpurrs wrote: »

Make sure that you ring them as soon as you exchange and have the property insured from exchange.

Really? From exchange? I thought it would be from the day of moving in.

payless

If required ( mosts sols don't seem to bother these days) even if we don't have a date I get insurance company to fax sols with an "intent to insure letter" - I back up with policy leimits ( again if required)

Yes best do from Exchange

tinkerbell84

donna1975 wrote: »

Really? From exchange? I thought it would be from the day of moving in.

As I said (in bold) in post #3, from EXCHANGE is normal. You are legally responsible for buying the property from that date.

donna1975

I just dont see how that is right though.
I cant live in the house then and its not legally mine until completion.
Oh well if thats the case I'll do it from then.

Thanks

tinkerbell84

Because if anything happened between exchange and completion, you wouldn't have insurance! If the claim were made on the seller's insurance, it wouldn't pay you any of your costs.

real1314

Personally I just get a rough date for exchange and start insurance a couple of days earlier to be on the safe side.
Building insuarnce is usually around 0.1% of the value of the building, so the weekly rate is around 0.00002% of the value, or £4 a week on a £200k house. Hardly worth messing about for when considering the amount at risk?

hostman

Funny how this thread pops up now, as we have just gone through this with our first time purchase.

Our solicitor required our buildings insurance schedule, to confirm for our Lender the policy is adequate cover. We have not exchanged, but have signed the purchase agreement this week, along with the signed agreement our solicitor required a 10% deposit on the purchase price + schedule of insurance.

As we have no exchange date, but as its likely to happen within 30 days, we just went ahead and bought a policy through our favoured insurance company to start end of October. Our policy is only £12 a month (paid annually), so if exchange doesn't occur until a further two or three months the cost won't break the bank.

Some insurance companies will also provide a free month if you do not know your exchange date.