Insuring before Exchange?

silvercar

Ask the solictor to explain why she has an insurable interest prior to exchange.

squibbs25

STAR_BUCK wrote:

At exchange of contracts the buyer had legal responsibility for the property

So if anything happened after exchange, nan would be liable?

When we bpught our house, we was told that it had to be insured from the day of completion. Was we told wrong or has the system changed?

Squibbs

silvercar

if you are buying a new build the builder is responsible for delivering the promisd house, a reason for the snagging list.

buy an older property and you survey to make sure everythingiis as seems and you enter into a contract on exchange to purchase on completion come what may.

This is true in England, I think they may be different rules in Scotland.

squibbs25

Thanks again for the extra info.

I have relayed all the comments to my mum, who is going to phone the solicitor on nans behalf tomorrow, to see exactly what is happening. If they (sol) have a clearer idea for exchange. She is also going to sort out getting quotes on the bungalow.

Many thanks,

Squibbs