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First time house mover
Darren046
Posts: 33 Forumite
Hi, probably a simple question but....
I am currently about buy my 2nd house after selling my first, so this is new to me. Tonight i phoned up my house insurance people and asked if i could transfer my insurance across when i move ( which i believe will be 1st october ) The chap told me that i would be liable for my new property from the moment we exchange contracts so the policy would need to start then.
My question is, if i am liable to cover the property from exchange date, why cant i have the keys from then? ( did i say my new house is unoccupied, if it makes a difference? ) Why do 2 parties both need to insure 1 house for the few days until complition.
many thanks. darren046
I am currently about buy my 2nd house after selling my first, so this is new to me. Tonight i phoned up my house insurance people and asked if i could transfer my insurance across when i move ( which i believe will be 1st october ) The chap told me that i would be liable for my new property from the moment we exchange contracts so the policy would need to start then.
My question is, if i am liable to cover the property from exchange date, why cant i have the keys from then? ( did i say my new house is unoccupied, if it makes a difference? ) Why do 2 parties both need to insure 1 house for the few days until complition.
many thanks. darren046
0
Comments
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You need buildings (but not contents) insurance from the date of exchange, because this is the date you undertake a firm commitment to buy the property. From this date you formally agree to draw down the mortgage at a future date, and the buildings are the security for the mortgage.
The seller needs buildings insurance, because they are committing on exchange to give you teh property on the completion date in its current state.0
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