House insurance without date of completion

Luckyinlife

So i had my letter of deed to sign from solicitor this morning and it says in there the house will need to be insured on completion but there is no date of completion in there ?

Im a first time buyer so can anyone point me in the right direction here ?

I have to show them the insurance also

Thanks

G_M

Are you sure? These days it is usual to insure from the date of Exchange.

Shop around and select your preferred insurer. Use the usual comparison sites or a broker and compare policies as well as prices.

Once you have the date you need you can buy the policy same-day online.

If your solicior wants to see the policy in advance (sometimes mortgage lenders insist) just send him the insurers details and sample policy document (on the insurers website) and explain you will take out the policy at the required date.

ethank

If you house needs to be insured on completion and you don't yet have a date. I am assuming you are buying a newbuild property? Wait until you get the notice of completion and then arrange from the insurance from the date in that letter.

Luckyinlife

Thanks guys its not a new build no just something the mortgage company im using want i guess i will ring my solicitor on Monday as they are shut today to find out what they want.

I thought it was wired that they want a policy in place but least give me a date to put it thro lol thanks guys

ethank

If not buying a newbuild, then as stated above you should be insuring from exchange of contracts.

TheCyclingProgrammer

Do you need it in place to exchange? If so then take it our once you know the day you will be exchanging with that as the start date. If you only need it before completion then once you've exchanged you'll have a completion date you can use as a policy start date.

The only thing you can't do is have a policy in place to start before you've exchanged as you have no insurable interest until that point.

The mortgage company want to see that a policy is in place and that solicitors need to check it meets their requirements.

It is more common for the buyer to insure from exchange but it depends on which version of the standard contract your solicitor is using.

AdrianC

Insure it from exchange. It'll cost you about three shiny buttons more than waiting until completion, and protect you from problems between the two.

Luckyinlife

Thanks guys i will do the insurance now and check it out

Is there anything i should watch out for ?

G_M

Luckyinlife wrote: »

....... i guess i will ring my solicitor on Monday as they are shut today to find out what they want.

As already explained, they want to know that you will insure from (Competion? Exchange?) and who with.

So decide. And then tell them "I will insure with xxx (policy document atached) from the date of (whichever).

They will not expect you to insure before that date, so until the date is known you cannnot insure.

the_wheels_have_fallen_of

A lot of insurers WILL NOT insure on Exchange, you have to give them a completion date - I literally found this out last week as my solicitor wanted me to insure from exchange date.... my experience showed that if the house doesnt belong to you, a lot are reluctant to insure ....

TheCyclingProgrammer

the_wheels_have_fallen_of wrote: »

A lot of insurers WILL NOT insure on Exchange, you have to give them a completion date - I literally found this out last week as my solicitor wanted me to insure from exchange date.... my experience showed that if the house doesnt belong to you, a lot are reluctant to insure ....

Every insurer I've spoken to was happy to insure from the date of exchange as you have an insurable interest in the property from that date. If you're taking the policy out before hand you need to make sure the start date is the expected date of exchange.