Building Insurance with no exchange date?!?

lucylou131

Hello,


In order to get an exchange date for my property the lender requires building insurance to be put in place (rightly so) however no insurance company will do this without an exchange date. Im in a catch 22 situation.


Does anyone know any insurers who will do this. My solicitor provided company names but they have all said no.


Thanks

plumfin

I had no problem, and insured it from 2 weeks before the anticipated date of exchange. I appreciate the insurance may not have been valid, but at least it was in place well before I needed it. I went through Topcashback and used a company called Together Home. Lots to choose from though and the date was not an issue for me

Paulaviki

Our solicitor has just asked that the policy be ready to be made live on the day we exchange, then once we have the insurance doc's we just have to forward a copy of the schedule of insurance to them.

Might be worth finding out if you can do the same?

KMMT

Paulaviki wrote: »

Our solicitor has just asked that the policy be ready to be made live on the day we exchange, then once we have the insurance doc's we just have to forward a copy of the schedule of insurance to them.

Might be worth finding out if you can do the same?

My solicitor said the same today to me. Hopefully this is something your solicitor will allow.

ethank

My understanding is that you need to insure from exchange, you don't need to have insurance in place to be able to agree a date to exchange.

I did not ask the insurer. I did it all online, chose the date selected for exchange and then sent in the policy.

andy.m_2

until exchange you have no legal obligation to purchasde or sell a property, so in essence until you exchange the current owners are responsible for the house, as you are for any house you currently own.

I know this as between offer and exchange at our current place there was some damage, and the vendor had to make good and claim otherwise we wouldn't exchange.