Buildings insurance between exchange and completion

System

dunstonh wrote: »

This information would have been useful in the first post as it makes your situation different to the norm.

Most people would not be in your situation. .

I thought it was rare for the purchase process to be so quick that exchange and completion take place simultaneously, although legally possible?

In my experience the seller's solicitor required a 10% deposit on exchange of contracts, the balance to be paid on completion, typically a month later.
In the intervening period the buyer is a risk because he is legally obliged to complete even if the house were to burn down. It is always regarded as unwise to rely on the seller's insurance being adequate.

dunstonh

Clifford_Pope wrote: »

I thought it was rare for the purchase process to be so quick that exchange and completion take place simultaneously, although legally possible?

In my experience the seller's solicitor required a 10% deposit on exchange of contracts, the balance to be paid on completion, typically a month later.
In the intervening period the buyer is a risk because he is legally obliged to complete even if the house were to burn down. It is always regarded as unwise to rely on the seller's insurance being adequate.

Most policies will cover between exchange and completion. So, they only need to know the address change and property detail differences and date of completion. By default they cover the exchange period.

The OP will own two properties for a period. That is not the normal

anandp

So any recommendations on insurers/brokers that are happy for the 'new' property not to be my main home for a few months?

Bill23h

Hi Anandp
I will shortly be in the same position as you. I will have 5 weeks between exchange and completion, then I will be remaining in my old home until it's sale completes and will be back and forth between them doing some work.
So please post here who you used, and how you got on - thanks in advance!

anandp

Bill23h wrote: »

Hi Anandp
I will shortly be in the same position as you. I will have 5 weeks between exchange and completion, then I will be remaining in my old home until it's sale completes and will be back and forth between them doing some work.
So please post here who you used, and how you got on - thanks in advance!

That's almost precisely what I've got going on.....will let you know how it goes

System

dunstonh wrote: »

The OP will own two properties for a period. That is not the normal

You persist in missing the point.
You don't own two properties during the period between exchange and completion. You OWN the property you are selling, you have an INSURABLE INTEREST in the property you are buying.

You will not own it until completion, but you are committed to the contract after exchange, so you need to insure that interest.

dunstonh

You persist in missing the point.

If a point is being missed then it is not being made well.

You don't own two properties during the period between exchange and completion. You OWN the property you are selling, you have an INSURABLE INTEREST in the property you are buying.

The OP will be owning two properties as he is retaining the first property for a period beyond the purchase of the second one.

You will not own it until completion, but you are committed to the contract after exchange, so you need to insure that interest.

Still not getting the point you are trying to make.

Your existing insurer will normally cover the exchange to completion automatically. A new policy would also do that and you put it on risk at exchange.

System

dunstonh wrote: »

Still not getting the point you are trying to make.

Then I can't advise you further. Fortunately the OP does.

It's all explained here:

http://www.bickersinsurance.co.uk/our-product/insurance-between-exchange-and-completion.html