Buildings Insurance question(s)

pstones578

I have a question on the form that I have to fill in for the solicitor before they do my searches etc. The question asks if I'm insuring through my lender, which I'm not. It then goes on to say if I'm not then I have to remember to send a copy of the policy schedule to the solicitor in good time for completion. Am I reading this right in saying that I have to get buildings insurance before I complete?

impy78

That is correct

Ian_W

In fact Peter it is highly advisable to have Buildings Insurance in place when you exchange. It's a bit of a grey area but the reason is that on exchange you are committed to purchasing the property, if something happens to it before you complete and the vendor doesn't have insurance you're still bound by the contract to buy the property.
Highly unlikely you may think but some friends of ours recently bought a property that the vendor had already moved out of. When she left the fittings for the plumbed-in washer leaked and damaged the kitchen units and floor. Guess what, as she'd left she cancelled her Buildings cover, luckily they had insured it on exchange and are presently having a new kitchen and floor fitted prior to moving in.