Between exchange and completion

lilab_2

My nephew recently exchanged contracts on the property he is selling - due to complete next week. The recent storms have brought down the (his) garden fence. Which party should claim on their insurance, the new buyers or my nephew?

kingstreet

You'll need Richard Webster, one of the board solicitors to answer this. AFAIK it depends on who accepted liability in the contract which was exchanged.

Fire_Fox

Ask your conveyancer, you pay them for legal advice.

StuC75

Is it not usually the sellers responsibility to ensure the property is in the same condition it was at exchange?

Surely a new fence panel is unlikely to result in an insurance claim? as will cost less then the excess?

trailingspouse

Just get it fixed - it keeps everyone sweet. And it is his house up to the moment of completion. If he doesn't do it, and the buyer walks away because he's an awkward vendor, he'll have to fix it anyway!! And I agree - it's unlikely to cost more than the excess, so don't bother with the insurers, just go to B&Q.

ash28

trailingspouse wrote: »

Just get it fixed - it keeps everyone sweet. And it is his house up to the moment of completion. If he doesn't do it, and the buyer walks away because he's an awkward vendor, he'll have to fix it anyway!! And I agree - it's unlikely to cost more than the excess, so don't bother with the insurers, just go to B&Q.

Except pulling out or walking away after exchange (it's a done deal then) can be very costly for the one doing the pulling out - they will have broken the contract - could lose their deposit and more.....

G_M

StuC75 wrote: »

Is it not usually the sellers responsibility to ensure the property is in the same condition it was at exchange?
sometimes yes,sometimes no
Surely a new fence panel is unlikely to result in an insurance claim? as will cost less then the excess?

Until a quotation is obtained, who can say?

Is this a 3 foot panel from a 3 foot high fence that's blown down? Or a 90 feet stretch of 9 foot fence?

Which party should claim on their insurance, the new buyers or my nephew?

If you are doing the conveyancing yourself, read the contract you approved/signed. If you are using a solicitor, ask him or her.

AlexMac

When a 2m deep, £500 hole appeared in the privately owned bit of road adjacent to the place we were buying between exchange & completion in 2011, my solicitor was very clear- that the terms of sale meant that it was the seller's problem. His solicitor agreed, I got an estimate and the other side's solicitor kept a retention and settled the bill direct with the contractor who I instructed (to ensure it was done properly!)

hawk30

The standard conditions of sale were changed in 2011 to provide that, on exchange, risk passes the the buyer, meaning that the buyer should insure the property against damage. However, your contract could say something different. You really need to ask you conveyancer.

G_M

AlexMac wrote: »

......, my solicitor was very clear- that the terms of sale meant that it was the seller's problem. His solicitor agreed,...

That is exactly the point. Without looking at the contract used in THIS sale, it is impossible to answer the question.

One person's experience is totally irrelevant, since a different set of contract terms may have been used!

Richard_Webster

Were they using the 4th or 5th edition of the Standrd Conditions of Sale? If 5th edition then buyer's responsibility. With 4th edition would be seller's repsonsibility but solicitor may have varied conditions to make it buyer's responsibility. When I used 4th edition iI did this.

So you have to ask your solicitor exactly what the contract says!