Actions to be Taken one Keys are in Hand

TBeckett100

not_loaded wrote: »

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

many insurance policies cover a second property when buying/selling.

marmitequeen

Our solicitor has always said we have to have insurance in place once exchange has happened. We've always phoned current insurers and they have covered both properties FOC between exchange and completion (although there's always been additional charge for the remaining time for the new property). Lots of the things you are considering need to be set in motion once exchange has happened (ie post redirection, utilities, etc).

Sadly changing locks is essential, not a joke.

There are various lists of 'people to notify' on the internet, but many can just be done on the internet once you've moved. As long as you've got your internet sorted out... Good luck...

lynzpower

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.

Yep, your lender should be asking for this.

Also make sure you take digital pictures of the meter readings when you move in

DVardysShadow

not_loaded wrote: »

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.

Yes, all true. BUT.

If some intermediate level of damage happens, then it is not certain that the clause for the buyer to withdraw can be invoked and there could be very messy legal disputes. This will be worse if the vendor is not insured anyway or cancels his insurance - vendor may be able to force sale, but there may not be funds to make the property mortgageable, leaving buyer with an unpleasant scenario.

puddy

is this your first property or house, if so, i would recommend the following


couple of buckets
some basic tools, spanners, screwdrivers, spirit level, smoke alarms, lots of cloths, washing up liquid, brushes and sponges, cleaning sprays and bleach, washing up bowl

keep the kettle and tea bags easily accessed

a few ready meals for the first few days

toilet paper

make sure your fridge freezer is properly cleaned out after the move, some bicarb, vinegar and lemons is good for deoderisting etc

checking the arial reception for your telly in the new area (if you are moving out of area)

bed sheets on hand to make up a nice comfy bed to relax in after the move

is this your first garden? if so, some garden chairs and a small table

cratoria

Thanks for all your replies very useful
Seeing the solicitor on Wednesday to tick the boxes and sign the dotted lines
Yes this is my first house and starting to get very excited now but want to make sure that I am prepared for every eventuallity as would prefer my first move to be a memorable one and not one that will put me off buying a house again.
Marmitequeen I unfortuanatly have my dad on hand to change the locks straight away although it is sad that this has to be a priority it is essential and will be passing this advice onto others when buying there house.

cratoria

Just a quick thank you message to all who have replied to my queries over the past three months.
I picked up the keys yesterday and I am now a house owner!

The house is in a right state after the seller moved out over 5 months ago so going to be having a lot of fun sorting it all out.

Thanks everyone again!

:grouphug:

nanker

Don't forget to change your address with DVLA and register with a local doctor (assuming you have moved some distance).

Enjoy being a house owner for the first time before the reality of maintainance costs kick in. Oh and be careful whom you invite to any house warming parties, or that time may arrive sooner than anticipated.

sooz

Hold the housewarming BEFORE you start the decorating

(do not hand drunk people a paintbrush & ask them to help)

cratoria

I had planned on holdimg a decorating party but might refrain from that now!
Yes first job completed ringing utilities board
Monday DVLA & all other mail!

Big job on now for the decorating looking forward to getting my hands durty!