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What needs to be in place on Exchange
lilyann1
Posts: 514 Forumite
We are on our way to exchange again!!!
Hopefully in the next week or so. I am just wondering what needs to be in place on exchange with regards to life and house policies.The broker has told me we need to have our life cover in place on exchange,whereas I thought it would be on completion?
Also the house insurance, buildings cover needs to be in place on the new property when we exchange,do we still need to insure our existing property on the buildings cover too until we actually move, as I thought our buyers should have buildings cover on it from exchange too, but is it too risky to assume that?
Hopefully in the next week or so. I am just wondering what needs to be in place on exchange with regards to life and house policies.The broker has told me we need to have our life cover in place on exchange,whereas I thought it would be on completion?
Also the house insurance, buildings cover needs to be in place on the new property when we exchange,do we still need to insure our existing property on the buildings cover too until we actually move, as I thought our buyers should have buildings cover on it from exchange too, but is it too risky to assume that?
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Comments
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I generally have buildings cover on both during exchange & completion, i never have more than 2 weeks between the two so it isn't expensive. Once you have exchanged you need to have the new property covered. Life policies seem to vary from broker to broker, some say on exchange, others on completion, but the fact that you are legally liable to purchase the property once you have exchanged, it makes sense to have it in place on exchange.0
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Thanks Jorgan I can always rely on you to give good advice.0
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Pleased to help, things must have moved quickly, your buyers buyer isn't hanging around.0
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