Buildings insurance for completion?

Tlg1991

We have recently agreed a completion date for our move into out first house and our solicitor is asking us to get out buildings insurance in place now and also they are asking for the payment off the whole deposit now and their payment.

the completion date is the 6th of November, the solicitor is asking is to get our buildings and contents to start from now and not when we move in, is this correct? we have a few friends who move last year and they said they only needed the cover for the day before the completion date. also i thought the payment was only taken on the completion date also.

Can someone advise just so i know and i dont make a fool of myself. everyone i've asked including our mortgage adviser says we only need insurance cover for when WE move in which i always thought that. you wouldn't pay for car insurance now for a car you was buying in a month.

anna42hmr

here is some info from money supermarket, and it appears that it is recommended to get the cover at exchange.

http://www.moneysupermarket.com/c/news/moving-house-get-home-insurance-the-day-you-exchange/00127916/

and this is from this is money
http://www.thisismoney.co.uk/money/mortgageshome/article-2656455/What-expect-exchanging-How-complete-property-purchase.html

kingstreet

You MUST purchase the property on the agreed completion date even if it's a smoking heap of embers, so you should insure it from exchange of contracts when your insurable interest begins.

The latest version of the standard conditions of sale used by solicitors have the purchaser accept risk from exchange as well (IIRC).

Tlg1991

Thats perfectly fine then, that makes sense. that's the problem we have asked people why and they just tell us "because you need to". like getting blood from a stone sometimes, all they want is to hurry the process to get their money.