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Early exchange ... Late Completion
Arina
Posts: 385 Forumite
Hello all,
We are purchasing our first home and have our mortgage offer in place with the halifax.
The vendors are purchasing a park home and this can only start to get built after we exchange which will be anytime soon. We are looking at completing in March 2015 as this is when it will be ready and they will be retiring at that time too. We will have a set completion date in the contract for March to avoid any hiccups later on down the line.
What I wanted to know was.. Would we need to start getting home insurance on the property straight after exchange? We are looking at exchanging late nov, early December.
Not sure how it will work as after exchange the vendors will be living there for 3 months till we complete in March.
Thanks all x
We are purchasing our first home and have our mortgage offer in place with the halifax.
The vendors are purchasing a park home and this can only start to get built after we exchange which will be anytime soon. We are looking at completing in March 2015 as this is when it will be ready and they will be retiring at that time too. We will have a set completion date in the contract for March to avoid any hiccups later on down the line.
What I wanted to know was.. Would we need to start getting home insurance on the property straight after exchange? We are looking at exchanging late nov, early December.
Not sure how it will work as after exchange the vendors will be living there for 3 months till we complete in March.
Thanks all x
:beer:
0
Comments
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Depends on which version of the Standard Conditions Of Sale are being used. Ask your solicitor who will assume risk from exchange.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
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Thank you Kingstreet.:beer:0
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