Actions to be Taken one Keys are in Hand

cratoria

Not sure if I have posted this in the correct forum but was trying to compile a list of standard purchases (and costs) when the keys have been exchanged
I have not done very well so far I have come up with ...

Buildings & Contents Insurance = £250.00
TV License = 145.50

Any further additions? Would be extremly suprised if this is the list (by the way the house does not need any immediate work)

pault123

the two above costs I pay 12 monthly interest free usually, so i wouldn't class as a cost after receiving the keys. Just month to month bills.

tyllwyd

You'll need to sign up for utilities - water, gas, electric. And council tax. And you'll need to sort the phone out, and possibly arrange broadband.

sonastin

life insurance to cover the mortgage if your personal circumstances warrant it? pault123 and tyllwyd have listed all the other regular monthly bills.

I'm presuming you have factored in moving costs and acquiring furniture

Emmzi

cost to change the keys!

Caffca

Don't forget you should actually have your buildings insurance in place from date of exchange not completion.

Have you organised mail-redirection through post office for mail still going to your old address.

jonewer

Caffca wrote: »

Don't forget you should actually have your buildings insurance in place from date of exchange not completion.

Really? Why?

Caffca

jonewer wrote: »

Really? Why?

As I understand it, it is because at exchange you are legally committed to completing the purchase so you have to protect the property just in case it burns down etc in the interim period. It is usually a condition of the mortgage as well - bank wants to protect their interests. Am sure someone more knowledgable about the buying/selling game will be able to explain it better - I've only ever bought two places and I had to get buildings insurance sorted from exchange.

not_loaded

Although it’s tradition, I can’t really see why the buyer should insure at exchange. Maybe it’s to benefit from the lesser-known areas of the insurance like Third Party Liability? Obviously there’s not usually going to be a huge amount of time between exchange and completion.

For the sale to proceed, the property should remain 100% in the condition it was in at the point of survey/exchange. Burnt to the ground is one possibility. Backing a removals lorry into the eaves is another. Therefore the vendor must cover any damage via insurance or otherwise. The buyer’s solicitor is responsible for the ‘tradition’ of ensuring certain things are in place, one of them being insurance.

Whilst filing the paperwork from my solicitor I found the following:
Damage to the Property Between Exchange of Contracts and Completion
The seller remains liable for the property until completion and should keep it insured. At completion the seller must transfer the property in the same physical state as it was at the date of the Exchange of Contracts (except for wear and tear).
A buyer can withdraw if at any time before completion the property is no longer usable in the same way that it was at the time the contract was made.

Logically the buyer can then claim against the seller for losses due to the failure to complete.

jonewer

It seems odd to ensure before completion as it wont be the same details as I put on the insurance application and the insurance would therefore be void in any case.....

not_loaded

I’m not sure how it would be void, but certainly insuring something that’s not actually yours is a tad unusual.