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exchange tomorrow & new house insurance

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Comments

  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    G_M wrote: »
    If you take out the insurance and the locks on the doors/widows to not conform to the policy requirements, then yes, you can change the locks.

    I think the OP meant change the details on the insurance policy rather than changing the locks in the house.
  • anican_1985
    anican_1985 Posts: 22 Forumite
    just looked through mortgage offer, valuation/survey and there's not re-build figure quoted?

    & for insurance it just says building insurance must be maintained throughout lifetime of the mortgage, if taking out combined building/contents this condition is satisfied
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    anican_1985 wrote: »
    just looked through mortgage offer, valuation/survey and there's not re-build figure quoted?

    & for insurance it just says building insurance must be maintained throughout lifetime of the mortgage, if taking out combined building/contents this condition is satisfied
    Speak to mortgage lender and ask.

    Did you get your own survey done? Speak to your surveyor.

    Or use the online calculator.
  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    Can I ask who the lender is and whether you're in Englans/Wales/Scotland/Norther Ireland? I'll check the Council of Mortgage Lenders Handbook to see if they specify it on there. It may be a percentage of the purchase price or something.
  • anican_1985
    anican_1985 Posts: 22 Forumite
    mortgage is with skipton building society & we are in england, my husband said he's going to sort it out as im faffing about a bit too much!
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    da_rule wrote: »
    It may be a percentage of the purchase price or something.
    Definately not!

    A stone and thatch cottage for example will cost a lot more to rebuild than a brick tiled roof house.

    Re-build costs also vary geographically (builders labour costs vary), and purchase prices are influenced by 100s of factors (eg near a good school!) which have no bearing on re-build cost.

    Use the calculator!
  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    The handbook says that the minimum value should on the offer, also it has to be in joint names and if the excess is over £1000 you have to report it to them.
  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    Check out: http://www.cml.org.uk/cml/handbook/englandandwales/skipton-building-society#C3031 specifically part 6.14 for Skiptons specific requirements on what needs to be covered etc
  • anican_1985
    anican_1985 Posts: 22 Forumite
    Thanks for the advice everyone, (even if i'm more confused now than i was earlier) you are all so knowledgable. think i've found a decent insurance quote, not going for the cheapest - which i was going to do, going to read through all the T&Cs
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