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when do we sign contracts?
gemmaxxx19
Posts: 19 Forumite
Hi
We are in the process of arranging our 1st mortgage, and the broker says if we don't arrange buildings insurance it will hold up the mortgage. She is not happy that we didn't take her quote, but it was very expensive..... so I got a very good quote somewhere else, but they said I can't legally set up a policy until we have signed the house contract..... will this be before the lender needs the buildings ins confirmation? Otherwise it seems we will have to do it through the broker to keep it moving.... does she have us over a berrell here or is it normal not to get a policy before contracts are signed?
Any help appreciated
Gemma :-)
We are in the process of arranging our 1st mortgage, and the broker says if we don't arrange buildings insurance it will hold up the mortgage. She is not happy that we didn't take her quote, but it was very expensive..... so I got a very good quote somewhere else, but they said I can't legally set up a policy until we have signed the house contract..... will this be before the lender needs the buildings ins confirmation? Otherwise it seems we will have to do it through the broker to keep it moving.... does she have us over a berrell here or is it normal not to get a policy before contracts are signed?
Any help appreciated
Gemma :-)
0
Comments
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Don't panic.
You need to arrange cover for when you exchange contracts and you can use whatever Insurer you wish.:money:0 -
So the day we sign the contract is ok to arrange the insurance? And is signing it the same as exchanging it? Sorry if that's a dumb question...0
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gemmaxxx19 wrote: »So the day we sign the contract is ok to arrange the insurance? And is signing it the same as exchanging it? Sorry if that's a dumb question...
No.
When you and your solicitor are ready you will sign the contract, you will then agree a date to exchange contracts, after which you are leaglly obliged to complete the purchase.
It is at the exchange of contracts that you need to arrange your buildings insurance.
Get all your quotes in first, then all you have to do is ring them up or go online, pay and you are covered.
Your solicitor may then want to see a copy of the Insurance schedule as proof of cover for your lender.0 -
OK thank you for your help. The broker left me under the impression nothing can move until we give her the ins policy details. So we actually give them to the solicitor not the broker?0
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Sounds to me like the broker is just P*ssed at loosing the commission on the Insurance!gemmaxxx19 wrote: »OK thank you for your help. The broker left me under the impression nothing can move until we give her the ins policy details. So we actually give them to the solicitor not the broker?
By all means, if she wants a copy and you want to send it to her, then fair enough. Can't see why she would need it once you have a mortgage offer.0
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