Is it possible to complete sale before home insurance starts

Rmphotography

Our solicitors have just been on the phone to advise that they are aiming to complete the purchase of the house on this Friday.
The home and contents insurance we have got doesn't start until next Monday.
I was always under the impression that in order to get the mortgage funds you had to have home insurance in place beforehand.
The solicitors have seen the insurance schedule so are well aware of the dates, or is it a case of because it is only a couple of days between moving in and insurance starting they aren't that fussed?

kazwookie

Yer your house and contents catch fire on the Sunday.................

Ring up the insurance company and move the date forward to the Friday.

You know it makes sense.


Good luck in your new home

Rmphotography

kazwookie wrote: »

Ring up the insurance company and move the date forward to the Friday.

Was planning on doing this tomorrow morning just wanted to make sure my assumptions were correct first and that I wasn't going mad.

Yorkie1

You should actually have buildings insurance in place from exchange, if the latest version of the Law Society contract has been used, because you take the risk from exchange.

Contents insurance is entirely a matter for you.

Rmphotography

Called the insurance people today and they will only give insurance AFTER the contacts have been EXCHANGED, as up until that point we don't own house.
I guess the process timeline I was trying to figure out was:
Exchange contracts
Get insurance to start on this date
Mortgage monies drawn
Sale completed

Yorkie1

Yes, that's right. If you want, the contents insurance can come into force on completion but the buildings upon exchange.