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Insuring house in Scotland
clairecymru
Posts: 522 Forumite
We are in the middle of our house purchase in Scotland. Hoping to conclude the missives tomorrow with an entry date of 24 July.
I am used to buying / selling property in Wales whereby you had to insure the property at exchange as that is when you are legally bound to buy the property and anything could happen between exchange and completion.
I checked with mortgage company and with solicitor who tell me that I should not insure this property tomorrow and only from when I get the keys. But surely the same thing should apply as I am legally bound tomorrow to buy this property and anything could happen I between.
So confused. The house buying system seems so much quicker up here but it really is different.
I am used to buying / selling property in Wales whereby you had to insure the property at exchange as that is when you are legally bound to buy the property and anything could happen between exchange and completion.
I checked with mortgage company and with solicitor who tell me that I should not insure this property tomorrow and only from when I get the keys. But surely the same thing should apply as I am legally bound tomorrow to buy this property and anything could happen I between.
So confused. The house buying system seems so much quicker up here but it really is different.
0
Comments
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Only insure when money has passed hands and you have the keys. You don't own the property until then.0
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As above, you dont own the property til you have taken out the mortgage and got the keys. Make sure it is insured that day or the day before.0
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clairecymru wrote: »I checked with mortgage company and with solicitor who tell me that I should not insure this property tomorrow and only from when I get the keys. But surely the same thing should apply as I am legally bound tomorrow to buy this property and anything could happen I between.
But as your solicitor would explain to you, there is (almost certainly) a clause in the missives which allows either party to pull out of the contract if something disastrous happens to the house before the date of entry. So there's no need for you to insure before then.0
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