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Starting Building Insurance
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retepetsir
Posts: 1,237 Forumite
Quick background...
We're buying and selling, selling a 2-bedroom leasehold flat and buying a 3-bedroom freehold house.
We are in a short chain, the vendors house is empty (was rented out) and the purchasers of ours are investment buyers.
We seem to have been the quickest with filling in the forms, etc and already have our mortgage offer. The purchasers are currently having theirs processed.
Now we received a letter today from our mortgage company, asking for details of our buildings insurance.
What's the best thing to do?
We don't have a date set for exchange yet as the purchasers are awaiting their mortgage offer. We currently have contents insurance only (with Direct Line), should just ask them to add on buildings insurance for the new house? Unfortunately we don't know when exchange and completion will be! 5th July has been mentioned for completion but I doubt this will happen due to our purchasers being so slow.
Or is it best to take out a whole new buildings/contents policy on the house even though we don't actually own it yet?
The house is also currently empty which could cause problems!
Help :rotfl::eek:
We're buying and selling, selling a 2-bedroom leasehold flat and buying a 3-bedroom freehold house.
We are in a short chain, the vendors house is empty (was rented out) and the purchasers of ours are investment buyers.
We seem to have been the quickest with filling in the forms, etc and already have our mortgage offer. The purchasers are currently having theirs processed.
Now we received a letter today from our mortgage company, asking for details of our buildings insurance.
What's the best thing to do?
We don't have a date set for exchange yet as the purchasers are awaiting their mortgage offer. We currently have contents insurance only (with Direct Line), should just ask them to add on buildings insurance for the new house? Unfortunately we don't know when exchange and completion will be! 5th July has been mentioned for completion but I doubt this will happen due to our purchasers being so slow.
Or is it best to take out a whole new buildings/contents policy on the house even though we don't actually own it yet?
The house is also currently empty which could cause problems!
Help :rotfl::eek:
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Comments
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You simply apply for buildings cover and leave it "pending" until exchange of contracts.
Online providers seem to have a problem with doing this as they want the money upfront, but the broker providers do it all the time, faxing an intention letter to the solicitor in advance of exchange too.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for that. In that case I will contact a broker
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