House Purchase/Sale - Timings??

Shrimp_Stu

I am after some advice on the timing of the buildings insurance and life assurance in relation with our new house purchase.

Situation:
All searches on our new house have been done and the estate agents predict that our chain will be completed in 6 weeks. We have a mortgage offer from our lender but no buildings insurance or life assurance for our new house/mortgage, am I right thinking that they require these to be in place when you exchange contracts?

Now I am not using the services of the mortgage lender for these insurance/assurances but I am independently collecting my own quotes. Now do I wait until I hava an exchange date until I set up my policies, or do the mortgage company need these policies in place before I exchange (a bit risky if the chain falls through - if I pay for these)?

Can you set up a quote for a future date (which maybe subject to change) and is this evidence enough now for the mortgage lender if they do require evidence of the necessary insurance/assurances?

When do I cancel the buildings / contents insurance and life assurance on my current home ?

Also, another quick question is when is the best time to sort out a removal firm ? Should I get quotes now amd book a slot,even though I only have a "guess-timate" from the agents of 6 weeks ?

Thanks in anticipation for any advice - last time we moved was 5 years ago and my brain is like a sieve!
SJ.

terrierlady

Normally solicitors wont exchange without insurance in place,be it house or life, some life insurance require a medical which can hold up exchange.

dougk_2

There is no requirement to have life insurance. It is optional.

It is wise to have the building insurance (contents at this stage is not necc as you have no contents in the new house!) in place at exchange but some lenders do not stipulate this. It is as much piece of mind as anything else. This is because you have not physically paid for the house at this stage and the deal has not been completed. It is also expected the current owner has the house insured until completion date.