Buildings insurance on new build

Allder2003

Hello,

I've looked here and gained loads of advice - but finally thought I should join the forums.

Just a quick bit of advice needed, myself and OH are just about to exchange on a new build which should be ready by December. Usually you would take buildings insurance when you exchange - is this still the case with a new build?

Any advice or opinions would be greatly appreciated.

Thanks

Simon

Graham1979

As a general rule the developer should provide buildings insurance until completion.

They're contracted to sell you a completed property, so if the site were to burn down before completion they would have to be re-build before they could force you to complete, so the risk is solely theirs.

That was how my solicitor explained it to me when I exchanged on a new build a few weeks ago anyway.

F_T_Buyer

I'm currently buying, and what Graham says is the case.

merlotsmum

F_T_Buyer wrote: »

I'm currently buying, and what Graham says is the case.

I am confused, I was told to have buildings when contracts were exchanged on my new build?

MM :cool:

F_T_Buyer

merlotsmum wrote: »

I am confused, I was told to have buildings when contracts were exchanged on my new build?

MM :cool:

In my contract it clearly says the builder is responsible and liable for the build until competition.