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exchange of contracts buildings insurance
mugofcoffee
Posts: 1 Newbie
About to exchange contracts (not completing until April), trying to arrange buildings insurance, it's proving very difficult. *All* the policies I can find require some or all of the following.
That I own the property - not technically true until completion. I'm legally bound to purchase (even if property burns down!?) but I'm not the legal owner.
That I live in the property.
That no one else lives in the property.
I did call morethan and tried to explain. The response was "well you are the owner then" and for the current owners living in the property they were put down as tenants increasing the premium by 35% - in addition when the paperwork arrived it stated I was resident in the property – will have to phone and correct, and I’m sure they will then state that they can’t offer the policy or somesuch.
mugofcoffee.
That I own the property - not technically true until completion. I'm legally bound to purchase (even if property burns down!?) but I'm not the legal owner.
That I live in the property.
That no one else lives in the property.
I did call morethan and tried to explain. The response was "well you are the owner then" and for the current owners living in the property they were put down as tenants increasing the premium by 35% - in addition when the paperwork arrived it stated I was resident in the property – will have to phone and correct, and I’m sure they will then state that they can’t offer the policy or somesuch.
mugofcoffee.
0
Comments
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I'm sure most people take out the policy as resident owners; you will be soon, you are just covering yourself by taking out the policy earlier.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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