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Whose responsibility between exchange & completion?
movilogo
Posts: 3,235 Forumite
After the contract exchange, till completion date, who is responsible for the up keeping of the property?
I understand till completion vendor is still the owner. But lenders advise taking up house insurance as soon as contract is exchanged.
So, if there is a burst pipe, or a burglary or whatever damage to property during this time, whose responsibility is to repair the property?
I understand till completion vendor is still the owner. But lenders advise taking up house insurance as soon as contract is exchanged.
So, if there is a burst pipe, or a burglary or whatever damage to property during this time, whose responsibility is to repair the property?
Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
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Comments
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After exchange of contracts you can not pull out of the sale (without it costing a fortune). If the house fell down, you still have to complete. So its wise to have insurance on exchange.I am a Mortgage AdviserYou 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.0
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The house blongs to the seller till Completion. The contract requires them to hand it over at Completion in the same condition as it was at Exchange.
However, depending which version of contract you use, the buyer is likely to be responsible for insurance.
http://www.lawsociety.org.uk/support-services/helplines/practice-advice-service/faqs/standard-conditions-of-sale-significant-change/
And of course the buyer has most to lose in terms of disruption if something goes wrong0
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