Buildings Insurance between Exchange and Completion

maci_2

Can anyone help?

Buying a house. I have been told by the solicitors to get buildings insurance from exchange, but don't complete til 4 weeks later. Have tried to get insurance from various providers and from mortgage lender themselves and they've pretty much said - no way! They say that as we don't occupy property, they cannot cover it.

What is best thing to do?

cogito

It's likely that the vendor's own buildings insurance will include a clause protecting your interest as contracting purchasor. Ask your solicitor to check.

cajef

We were told the same by our Solicitor when we moved last year because the property was a deceased estate and empty, we rang the insurance company we had our existing buildings cover with and they gave us cover for the new one for the period between exchange and completion which was twelve days at no extra charge and transfered the policy after the move.

maci_2

Managed to get an insurer eventually. Thanks for your replies. :T

welshy2000

cogito wrote: »

It's likely that the vendor's own buildings insurance will include a clause protecting your interest as contracting purchasor. Ask your solicitor to check.

Utter rubbish.

dacouch

welshy2000 wrote: »

Utter rubbish.

He is actually correct and your wrong

Quentin

welshy2000 wrote: »

Utter rubbish.

Take no notice of this uninformed (and unnecessarily unpleasant) poster.

Off the peg policies regularly include cover for the property during the time between exchange of contract and completion.

eg This is the Direct Line condition:

6 Cover when selling or buying a home

If you are selling your home, the buyer will be covered under section 1 (buildings) up to the date the sale completes, unless the buildings are insured by another policy.

Dangermac

welshy2000 wrote: »

Utter rubbish.

You sound very confident about something that you know the square root of nothing about. Dacouch is of course correct.

The OP should, however, ideally arrange their own cover to ensure that their interests are fully protected, and that the policy cover reflects their requirements.