A few questions - Received contract to sign

moreofthegoodstuff

I have received the contract to purchase our first property and there was a couple of things I was concerned about - The property is at significant risk of surface flooding. Will I have issues when it comes to getting insured and does this need to be mentioned when taking out a policy? I had a quote recently and the company said that the property was not deemed to be in an area at risk of flooding or subsidence. It also came back as moderate to high risk of natural ground subsidence, again what happens with insurance?

I was pleased to find they had already insurances in place in case of issues to due to building regulations and a Chancel Repair indemnity policy which can be transferred to us - will we need to contact anyone to get these in our name?

We plan to send the contract back tomorrow and hopefully it will be received by Thursday, we are then out of the country for the week so would be most probably officially exchange contracts when back? and would it be likely that completion could happen by the end of May even taking our week out of the time scale?

AND finally....It asks to provide proof of home insurance with the contract, I thought we had to have it by the phone call exchange of contracts? Is it best to just get it set up now?

So many questions and not much time to get it all done since times ticking and we only have a month left in our current property!!

G_M

Are you doing your own conveyancing?

The questions you are asking indicate to me that you should not.

If you are paying a solicitor to do the conveyancing, why not get your money's worth and ask him......?

(please folks - let's not start the him/her debate again!)

moreofthegoodstuff

No we have a solicitor but we are very pushed for time and I thought I'd see if I could get some general answers on here first. The contract really needs to get sent tomorrow

And it's a her by the way according to the letters! ;-)

Thrugelmir

I always make an appointment when signing the contracts. As its an opportunity to talk through any issues. After all its rather late after you've signed.

G_M

If you have concerns about flood risk you need to resolve these before rushing toExchange, Or before going on holiday leaving your solicitor to carry on.

Same with subsidence.

Who exactly is telling you of these risks? (and do you really want to live in a property at "significant risk of surface flooding"?

Completion date is a matter for you to agree with your sellers and their sellers and their sellers and ...... in consultation with your conveyancer.

Whether you insure form the date of Exchange depends on:

* the contract being Exchanged - some put insurance on the buyer, some on the seller
* yor mortgage lender, if any. Likely to insist.
* your attitude to risk (are you getting travelinsurance for your holiday?)

Riggster

There's not much more important than buying a home, let alone your first property. You need to make time. Who says the contract MUST go tomorrow? Don't sign owt until your sure.

And what does your solicitor have to say? After all I'm sure you're paying them lots of money.