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buying a house when do i need to insure from?
samson1313
Posts: 33 Forumite
I'm a 1st time buyer i'm buying with money i've inherited and saved so havnt had to take a mortgage, I'm in the final stages of buying a house, i'm going to the solicitors later today to sign some paper work and agree a completion date.
When am i Legally responsible for the property, i know it's unlikely that anything bad would happen to the property within a few days but i would feel more comfortable with the building being insured from the day its mine so when do i need it insured from is it from when contracts are exchanged or should i just arrange insurance today?
When am i Legally responsible for the property, i know it's unlikely that anything bad would happen to the property within a few days but i would feel more comfortable with the building being insured from the day its mine so when do i need it insured from is it from when contracts are exchanged or should i just arrange insurance today?
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Comments
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From exchange. Your solicitor should not exchange without insurance in place.0
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You need buildings insurance from exchange - it will be a condition of your mortgage that you do.
You can either get buildings and contents from the outset, or just pay for buildings initially and add on contents from completion. If the time between exchange and completion is short, it's easier to just get buildings and contents at the start (though you're wasting a couple of weeks of contents cover).0 -
pinkteapot wrote: »You need buildings insurance from exchange - it will be a condition of your mortgage that you do.
You can either get buildings and contents from the outset, or just pay for buildings initially and add on contents from completion. If the time between exchange and completion is short, it's easier to just get buildings and contents at the start (though you're wasting a couple of weeks of contents cover).
OP doesn't have a mortgage, so doesn't have to get insurance at all if they don't want.
:eek::eek::eek:0 -
it depends on a) whether you have a mortgage (which may impose a requirement) and b) the terms of the contract being exchanged and c) your attitude to risk
Most contracts these days are the Standard Conditions of Sale 5th edition & require the buyer to assume risk at Exchange. see
http://www.lawsociety.org.uk/advice/practice-advice-service/faqs/standard-conditions-of-sale-significant-change/
If an earlier version of the SCS are used, risk remains with the seller.0
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