building insurance

jeffmasson

hi

i am buying my first freehold propety and am a bit stuck with how to get the bulding insurance.

i had a quote from my ifa for £360 but i checked around and can get it with esure for £120 but how do i prove to my conveyer that i am going to take out this as you only get the doc's from the company if you take out the polcy but as i don't yet know the date of exchange and if i did it could still move.

i have looked online and can't seam to find a anwser and i don't want to call my conveycer in case they charge me for the call:(

hugheskevi

I asked my conveyancer this exact point recently.

It was okay to wait until exchange had happened then purchase the insurance ASAP and send them evidence (it was all purchase online, so evidence was just forwarding the e-mail to my solicitor).

It was all very simple as I had researched exactly which insurance I intended to buy, and it took only 5 minutes to purchase it after exchange had happened, validity starting immediately.

jeffmasson

hugheskevi wrote: »

I asked my conveyancer this exact point recently.

It was okay to wait until exchange had happened then purchase the insurance ASAP and send them evidence (it was all purchase online, so evidence was just forwarding the e-mail to my solicitor).

It was all very simple as I had researched exactly which insurance I intended to buy, and it took only 5 minutes to purchase it after exchange had happened, validity starting immediately.

the thing is in my morgage offer info it says my coveyer must check that the insurace meets there requerments.

the morgage is with natwest

G_M

Why not do as hugh says above....ask you conveyancer! He is acting for Nat West so it's he who knows what is required! This is a very common situation - he'll come up against it every day of his working week.

jeffmasson

G_M wrote: »

Why not do as hugh says above....ask you conveyancer! He is acting for Nat West so it's he who knows what is required! This is a very common situation - he'll come up against it every day of his working week.

thanks for the very helpfull reply:T but as i said in my first post my convayer will charge me for the call!

prudryden

Percentage wise, that is a big difference in the premium for building insurance. It might be worthwhile checking that you are comparing like with like. Perhaps, the cheaper insurance has a lot more exclusions than one would want.

Fire_Fox

jeffmasson wrote: »

thanks for the very helpfull reply:T but as i said in my first post my convayer will charge me for the call!

You didn't say your conveyancer WILL charge you for the call you said IN CASE they charge you for the call. :huh: Then check with NatWest directly: it's not moneysaving to get the wrong advice from a unqualified third party. Can't you just print the terms and condition of the insurance and the online quote?

jeffmasson

Fire_Fox wrote: »

You didn't say your conveyancer WILL charge you for the call you said IN CASE they charge you for the call. :huh: Then check with NatWest directly: it's not moneysaving to get the wrong advice from a unqualified third party. Can't you just print the terms and condition of the insurance and the online quote?

i guess i will have to bite the bullit and call them then i was hoping as i have read many posts from convayancer on this site someone would know what to do.:(

Fire_Fox

The only two options you have is to hope the insurance is acceptable or to check with YOUR conveyancer or NatWest themselves. Maybe you need to check your contract with the conveyancer to see exactly what you are and are not charged for? I cannot see how it is practical to check the insurance over the phone anyway - they need a posted, e-mailed or personally delivered hard copy of the terms and conditions plus the quote itself. Without meaning to be rude to you personally, people are too quick to pick up the phone when a letter is more appropriate.

G_M

I find it hard to believe a conveyancer would charge for a call like this, but I guess it depends on their T&Cs and charging structure.

Only you (and the conveyancer!) know what you agreed when you appointed him.

If you did sign up to an agreement that involves payment for each separate activity the conveyancer undertakes, or for an hourly rate, then you've been a little rash moneysaving-wise. Any number of unexpected issues can arise in buying/selling property so most people go for a fixed-price fee. The alternative is like writing a blank cheque.

jeffmasson

G_M wrote: »

I find it hard to believe a conveyancer would charge for a call like this, but I guess it depends on their T&Cs and charging structure.

Only you (and the conveyancer!) know what you agreed when you appointed him.

If you did sign up to an agreement that involves payment for each separate activity the conveyancer undertakes, or for an hourly rate, then you've been a little rash moneysaving-wise. Any number of unexpected issues can arise in buying/selling property so most people go for a fixed-price fee. The alternative is like writing a blank cheque.

tell me about i did not realy think i was going to sell the place we had been on for so long with no viewing so i did not get round to finding a convayer when the offer came my ea keap calling me evey hour or so to see if i had got a convayer yet i wanted to use the one i use last time as it was fixewd price and cheap but i could not find them was 5 year ago that i had used them i guess. so anyway i got load of quote and picked one forgot alabout the fixed fee in all the painc from the ea.

hopfully a least one peson will read this and lern from my mistake and sort out there convancers before they get a offer so they don't get rushed into a mistake like me.

due to this mistake we will be eating micro food and stuff cook on a camping stove as all my extra funds will be going on the convayers:mad::(:(