House insurance and utilities

jibbyboo

Can anyone provide insight for when home insurance and utilities should be set up? Is it when exchange has happened and date is set for completion? i.e. you're able to tell the companies when the policies should begin? Or is it after completion?

Thanks chaps!

Fire_Fox

Usually your solicitor will advise/ lender may insist upon buildings insurance from exchange of contracts, contents and utilities from completion. Get a quote ahead of time for contents insurance or transfer your existing policy, take meter readings on the first day and telephone them through to the current supplier within a day or two. Be sure to switch away from the expensive standard tariff.

hazyjo

Exchange happens first, then completion (completion date is set upon exchange of contracts).

Don't inform anyone until you've exchanged. You can put things off until after completion, but it's advisable to sort out before.

Post redirection takes a while to kick in so you might want to get that sorted as a priority too (says she who's still not had a chance to do it despite being in the new house since Monday!).

Jx

jibbyboo

Thanks FF & Jo.

Oops, I do know about exchange and completion order, head is a little melted after today's shenanigans!

Have quotes for insurance already, but obviously not put into place yet. Great, will wait til after exchange to organise

G_M

Insurance.
Depends on the contract. In some, the vendor must guarantee insurance between Exchange and Completion. In others, buyer must. Either read the contract or ask your solicitor (assuming you are not DIY conveyancing). Or just insure from Exchange just to be safe. An extra months buildings insurance won't cost the earth.

Utilities
You do not start paying these till Completion (when you take ownership and get access). On day of Completion, read meters, ring gas/electric/water etc and a) tell them you are taking over the account and b) give them the opening readings

You can swop suppliers later after shopping around.

If you have broadband already, you might want to speak to your provider in advance of Completion about transferring your contact to new address.